Baku. 14 September. REPORT.AZ/ Serious changes may soon take place on the world oil market.
Report informs citing the Vestifinance.ru, futures contract for oil will be launched very soon in Shanghai, nominated in RMB, and with the possibility of conversion into gold.Considering the fact that China is the world's largest oil importer, this contract can become a new benchmark for traders, only this time it will be based in Asia.
Any country converting a yuan into gold will not have any obligation to keep money in Chinese assets or transfer proceeds from the sale of "black gold" to dollars.
Shanghai International Energy Exchange in June-July conducted the necessary preparatory work, as well as a test trades and now begins to train potential participants.This will be China's first commodity futures contract, open to foreign companies, such as investment funds, trading houses and oil companies.