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"Shanghai's INE is in the final stages of launching crude oil futures, perhaps as early as October, although sources said delays were likely due to market turmoil.The contract would better represent China's growing importance in setting crude prices, increase the yuan's role as an international currency and offer a measure of national pride.It would also allow traders to arbitrage between major global regions, the Americas, Europe/Middle East/Africa (EMEA) and the Asia/Pacific.Others, like the Dubai Mercantile Exchange (DME), have tried to establish an Asian benchmark, but have so far failed to attract sufficient liquidity to dominate the region.Market participants also have concerns relating to the large size of China's state-owned oil majors, recent moves by regulators to influence the country's share markets, and the use of the yuan."
"Shanghai's INE is in the final stages of launching crude oil futures, perhaps as early as October, although sources said delays were likely due to market turmoil.The contract would better represent China's growing importance in setting crude prices, increase the yuan's role as an international currency and offer a measure of national pride.It would also allow traders to arbitrage between major global regions, the Americas, Europe/Middle East/Africa (EMEA) and the Asia/Pacific.Others, like the Dubai Mercantile Exchange (DME), have tried to establish an Asian benchmark, but have so far failed to attract sufficient liquidity to dominate the region.Market participants also have concerns relating to the large size of China's state-owned oil majors, recent moves by regulators to influence the country's share markets, and the use of the yuan."
[text] Like it or not, China's crude oil futures will be a global benchmark | Reuters
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