China’s Yuan Crude Oil Futures Jump to Record High
The yuan-denominated crude oil futures trading in China hit this week their highest level since the contract was launched in 2018 as escalating threats to Middle East’s oil supply and increased purchases by Chinese refiners push prices higher. Launched in March 2018, the INE crude oil futures contra
Source: OilPrice.com
―
DW NOTE
China's yuan-denominated crude oil futures exist precisely for a moment like this: the Strait of Hormuz closed, 20% of global oil supply offline, and Asian buyers scrambling for non-dollar settlement. The contract hit a record not because China is bullish on oil — it's hedging against a payment system that requires Washington's permission to function.