Just days after initiating its ‘petroyuan’ futures contract , and hours after an unprecedented announcement that China will pay for oil in yuan , The Global Times, the unofficial mouthpiece of the Chinese government, printed a remarkable story from ‘one of its editors’ highlighting the ‘petroyuan’ and its potential to topple the US Dollar as global reserve currency. The Shanghai debut of China’s first yuan-denominated crude futures trading market on Monday proved a great success, with major domestic and foreign traders displaying active interest. Total turnover amounted to 18.3 billion yuan ($2.9 billion) on the first trading day. The market’s better-than-expected performance is believed to have significantly contributed to the recent strength of the yuan on global currency markets. As China largely depends on crude imports, price volatility in the commodity market is a major impediment. It launched the crude futures market to address the problem and also to […]