Yuan crude futures internationalized

The Chinese futures market took another step on Monday toward internationalization with the unveiling of yuan-denominated crude oil future contracts, the first of its kind open to overseas investors.

The futures, under discussion for nearly 17 years, will set a crude oil pricing benchmark that reflects supply and demand in China and Asia, said Jiang Yang, vice chairman of China Securities Regulatory Commission.

The September crude futures contract that registered the largest trading volume on Monday, with the transaction amount reaching 17.64 billion yuan ($2.8 billion), saw its price close at 429.9 yuan per barrel, up 3.34 percent.