De-Dollarization Accelerates: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold | Zero Hedge

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

Source: De-Dollarization Accelerates: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold | Zero Hedge