The Shanghai International Energy Exchange held a ceremony to mark the launch. This is the first in Asia and it allows foreign companies to participate, with contracts being settled in renminbi.
"China surpassed the United States to become the world's largest importer of crude in 2017.so [naturally], China would want to play a more active role in influencing the price of crude oil", said Sushant Gupta, research director at energy consultancy Wood Mackenzie, as quoted by Reuters.
"Whether this will have any real bearing on the other crude benchmarks, I'm not quite sure, but traders love a new toy, so I applaud China for bringing in something that could stoke up some volatility", said Matt Stanley, a fuel broker with Freight Investor Services (FIS) in Dubai.
Futures contracts allow investors to hedge exposure to physical prices, and offering them in yuan could allow energy-hungry China -over prices of the type of oil it consumes most.
Analysts said western oil traders were attracted to Shanghai's oil contracts for the potential arbitrage between China's market specifics and global oil fundamentals as reflected by U.S. West Texas Intermediate (WTI) and worldwide Brent crude futures.
Futures contracts are used to fix prices today for later delivery, usually within 60 days. This did not stop global commodity trading giant Glencore from buying the Chinese futures on the first day of trading.
The Shanghai contract traded higher than its London and NY counterparts shortly after debuting, at 432.2 yuan (USD 68.43) per barrel for September settlement at around 0145 GMT, according to Bloomberg News.
The country also hopes that yuan-denominated futures contracts will help its currency play a bigger role in the global economy. This power will let China bypass the petro-dollar system and demand that its oil purchases be priced in yuan, as seen in Monday morning's Unipec deal.
The early involvement of big worldwide traders was a morale boost to the fledging market, but state oil majors like PetroChina and Sinopec are expected to provide a significant amount of liquidity in the long-term.
Nevertheless, the existing price benchmarks - Brent and WTI crude - are both in dollars, and importers across the world must buy dollars in order to conduct oil deals.
US agricultural exports to China stood at $19.6 billion previous year , with soybean shipments accounting for $12.4 billion. He said all the optimistic forecasts have created a positive atmosphere for the petrochemical industry in China.
Responding to Rahul Gandhi's allegations, Union Minister K J Alphons said "I filled up to 10 pages for a USA visa form". The saffron party claimed that the NaMo app could be used with giving any permission or data.
Cochran's resignation creates two Senate races this year in MS as Republicans are trying to maintain their slim Senate majority. And that would leave Vermont as the lone state in the union to have never sent a female lawmaker to Washington .
Careem said it had not yet received any official request to stop operations in Egypt, and continued to operate as normal. Uber and other cab service providers have become really popular in African countries in the last five years.
Ali's 50th Test will come in the day-night Test at Eden Park starting on Thursday and is a milestone he never thought he'd reach. Moeen added: "I hope Ben can bowl because the balance of the team is pretty much sorted when he's in".
Sunday is expected to be partly sunny to mostly cloudy throughout the day with a southwest wind, 10 to 15 miles per hour . A back door cold front will touch off a few Sunday morning snow showers that will move through between 5 AM and 10 AM.
Islamabad United have reclaimed PSL title as they beat Peshawar Zalmi in the final played at National Stadium, Karachi . We're all a lil' PSL insane , and now that the final is taking place in Karachi today, excitement is at its peak.
The March update is also going to introduce plenty of balance changes for most weapon types as well as new features. Finally, starting on 13th April, the pixelated Mega Man armour set for your Palico will be available.
Loyola's ride has been even more improbable. "Do you think the game came down to the final seconds of the game?" he said. Phil Cofer scored 16 points for Florida State, which shot 7-for-30 from the floor in the second half.
Wednesday's tweet seemed like an acknowledgment from Trump that he wasn't going to get everything he wanted all at once. The White House also issued a formal statement of administration policy indicating Trump would sign the bill.
Liverpool Football Club remain adamant today that Mohamed Salah will not be sold to Real Madrid or anyone else in the summer. Yet German journalist Raphael Honigstein has claimed Salah was not Klopp's top Liverpool target back in the summer.
Poisoned Russian spy sought pardon from Putin
Nearly 40 percent of respondents believe that the attempted murder was orchestrated by opponents of the Russian authorities. Russian President Vladimir Putin delivers a televised address to the nation in Moscow on March 23, 2018.
Son of New Hurriyat Chief Joins Hizbul Mujahideen
I urge Sehrai that, since he is in command, he appeal to his son and other local boys wielding guns to return. That makes him the first among the family members of the current top separatist leadership to take up arms.
China responds to Trump tariffs
Then he announced the steel and aluminum tariffs , saying reliance on imported metals jeopardizes US national security. On Thursday, the White House announced plans to introduce tariffs on US$60 billion worth of Chinese imports.
Paul McCartney remembers John Lennon at March for Our Lives
Survivors from the Parkland school shooting have appeared on the cover of TIME magazine ahead of the March For Our Lives protest . Paul McCartney attended to New York City march in remembrance of his Lennon who was assassinated by a gunman in 1980.
Missing US family found dead in Mexico
As CrimeOnline previously reported , relatives told a local newspaper that they had not heard from the family since last Thursday. Family and friends are mourning the loss of the Sharp family who were found dead in a condo in Mexico on Friday, March 23, 2018 .