China’s crude oil futures boom amid looming Iran sanctions
“A U.S. decision to reimpose sanctions on Iran is supporting China’s newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said. . . . Traded daily volumes hit a record 250,000 lots last Wednesday, more than double the day before, spurred by news of the Iran sanctions.”
MK note: File this one under unintended consequences. Among the far-reaching consequences of the petroyuan is the indirect effect it will have on gold demand and prices.