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« China's State Owned Media Proclaims Petroyuan Will "Shake People's Confidence In The US Dollar" | Main | I told you investing in bitcoin was a bad idea »
Sunday
Mar252018

PetroYuan Futures Open - Over 10 BillIon Notional Trades In First Hour

After all the preparation, all the expectation, cheerleading and doomsaying, China's Yuan-denominated crude oil futures contract began trading tonight and appears to be off a good start with well over 10 billion yuan notional traded within the first hour.

So far it has tracked WTI futures well, trading at around a $2 premium to WTI (when translated from yuan to USD)...

Additionally, well over 23,000 contracts have traded within the first hour for a notional trading volume of over 10 billion yuan - more than $1.5 billion notional... signaling significant demand.

Offshore Yuan is moving in sync with 'Petroyuan' futures - as WTI tends to track the USD.

As we most recently noted, after numerous "false starts" over the last decade,  the “petroyuan” is now real and China will set out to challenge the “petrodollar” for dominance. Adam Levinson, managing partner and chief investment officer at hedge fund manager Graticule Asset Management Asia (GAMA), already warned last year that China launching a yuan-denominated oil futures contract will shock those investors who have not been paying attention.


more........

The knock on effect for gold could become very real shortly...

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