First-ever yuan Sept crude futures opened at 440 yuan a barrel
It settled at 427.9 at 2:31pm Shangai time.It’s taken a long time to come to fruition, but finally it has arrived. The size of the market will for a good while, be small compared to the Brent and WTI markets. But rather than an immediate trading challenge to the top markets, it could become a formidable weapon in time of trade wars, the test period has set in we can safely say. China will seize the opportunity to try and raise its influence at least in Asian markets, possibly Middle-east as being involved in the Aramco IPO and spread its tentacles into Eurasia if the US-rest of world trade tensions would drag on .
Bloomberg has this and here , Reuters another bit on the subject .
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