Crude oil futures to boost pricing power

China's plan to launch crude oil futures on March 26 will enable it to develop its own benchmark for oil pricing in addition to current global benchmarks, said Jonty Rushforth, senior director of the energy price group at S&P Global Platts, an energy industry information service provider.

The move will help boost the yuan's global use and increase the trade of yuan-denominated oil contracts, but all that will depend on how the market chooses to go, he said.

"If more people choose to trade on the Shanghai Futures Exchange from outside China, that could indeed help solidify the position of the renminbi more closely to the international oil market," he said.