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China's crude oil futures market takes flight

China, the world’s largest crude oil buyer, started trading Monday of the first yuan-denominated oil futures trading contract on the Shanghai International Energy Exchange.

Why it matters: It’s a move by the energy-hungry nation to bolster its influence over pricing. "The aim is to wrest some control, away from US dollar-based international benchmarks, such as the West Texas Intermediate and Brent markers, so that prices reflect as closely as possible the crudes processed by Chinese refineries," per the Financial Times.