(Isn't this one of the reasons we killed Hussein?): China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold
Submitted by Amanda Matthews on Mon, 09/04/2017 - 11:09pmChina Readies Yuan-Priced Crude Oil Benchmark Backed By Gold
The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports.
