China’s petro-yuan oil contracts surge as US sanctions hit Iran

China’s petro-yuan oil contracts surge as US sanctions hit Iran

Chinese yuan-backed oil futures contracts hit their daily limit with a 5-percent spike on Tuesday as the US kicked off the first round of sanctions against Iran. Washington’s decision to withdraw from the Iran nuclear deal and target the country’s oil sector with sanctions is expected to significantly boost China’s leverage to demand crude imports be priced in yuan.