China intends to oust dollar from oil trade
Shanghai International Energy Exchange sent a draft futures contract to market players in August, Reuters reported quoting sources.
Oil futures will be the first Chinese contract to permit direct participation of foreign investors. However, this is not the first step for greater oil market openness in China. In July, Beijing allowed private companies to import crude. Previously importing was only done by state-run majors such as Sinopec, China National Petroleum Corporation and China National Offshore Oil Corporation, the Xinhua news agency reported.
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