China's plan to launch crude oil futures on March 26 will enable it to develop its own benchmark for oil pricing in addition to current global benchmarks, said Jonty Rushforth, senior director of the energy price group at S&P Global Platts, an energy industry information service provider.
The move will help boost the yuan's global use and increase the trade of yuan-denominated oil contracts, but all that will depend on how the market chooses to go, he said.
"If more people choose to trade on the Shanghai Futures Exchange from outside China, that could indeed help solidify the position of the Renminbi more closely to the international oil market," he said.
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Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
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