China to Launch Yuan Oil Futures

The video discusses China's launch of a local currency crude futures contract in Shanghai, aiming to challenge the dollar-dominated oil benchmarks like Brent crude and West Texas Intermediate. This move is part of China's broader strategy to internationalize its currency. However, challenges such as government control over the yuan and foreign investors' skepticism pose significant hurdles. The video also examines the current state of China's commodity contracts, highlighting issues of speculation and volatility, which affect their reliability as benchmarks.

What are the traditional dollar-denominated benchmarks that China aims to challenge?

What efforts is the Chinese government making to internationalize its currency in global trade?