China’s petro-yuan ‘thundering into action’ as Iran ditches US dollar in oil trade

China’s petro-yuan ‘thundering into action’ as Iran ditches US dollar in oil trade

Washington’s renewed sanctions on Tehran supports China’s newly established oil futures, analysts say. The sanctions can make the yuan a more preferable currency than the dollar on the oil market. Since their launch in May, the interest in the renminbi-backed oil contracts has steadily surged. Traded daily volumes hit a record 250,000 lots last Wednesday, and the share of yuan contracts in global trading jumped to 12 percent compared to eight percent in March.