https://oilprice.com/Geopolitics/International/China-Is-About-To-Shake-Up-Oil-Futures.html
The Shanghai International Energy Exchange will start oil futures trading in RMB on 18 Jan. This will definitely affect the USD demands and internationalize the RMB. Investors who dabble in oil trading will need to have RMB accounts and they'll also use their RMBs to buy other commodities and assets such as gold in RMB too.
Oil trading in RMB is not uncommon as Russia and some other Middle Eastern countries have already begun exporting oil to China in RMB. Therefore, it makes sense for these countries to participate in the oil trading futures in China. Presently, the oil trading on the Shanghai exchange is Russia's oil. In time to come, Iran & Saudi may join the oil trading in China. Let's see how this will pan out in the future.
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Another advantage of using RMB in trading is the ability to bypass any US-led sanctions.
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