China launches crude oil futures trading (Oil priced in yuan, not dollars!)

[FarCenter]

SHANGHAI, March 26 (Xinhua) -- China on Monday launched trading of the yuan-denominated crude oil futures contracts at the Shanghai International Energy Exchange, which is the first futures listed on China's mainland to overseas investors.

http://en.people.cn/n3/2018/0326/c90000-9441491.html

China Is About to Shake Up the Oil Futures Market

It’s taken a quarter of a century, but China’s finally getting its own oil futures.

At 9 a.m. local time on Monday, crude contracts will begin trading on the Shanghai International Energy Exchange. The world’s biggest oil buyer is offering yuan-denominated futures that foreigners can buy and sell -- a first in Chinese commodities. Among the most intriguing questions is whether the traditional benchmarks of Brent crude in London and West Texas Intermediate in New York will face a serious challenger. Here are some of the other key questions.

https://www.bloomberg.com/news/articles/2018-03-25/china-s-oil-futures-are-finally-here-what-you-need-to-know

[AwakeAtLast]

1. He poked the bear n/t

[Wounded Bear]

2. Isn't this one of the things that got Saddam on Bush's shit list...?

IIRC he was proposing selling oil futures in Euros or something.

[FarCenter]

3. Yes, but regime change in China will be lots more difficult