China Ends 25-Year Wait as Yuan Oil Futures to Start Trading
- Crude futures to begin trading in Shanghai on March 26: CSRC
- Move seen as effort by China to develop its own oil benchmark
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After a wait of about a quarter of a century, the world’s biggest oil buyer is finally getting its own crude-futures contract.
In a challenge to the world’s dollar-denominated oil benchmarks Brent and West Texas Intermediate, China will list local-currency crude futures in Shanghai on March 26, according to the nation’s securities regulator. The start of trading, open to foreigners, will mark the end of years of delays and setbacks since China’s first attempt at a domestic contract in 1993.