China begins Yuan-based oil futures trading on Monday. Is this a big deal?

[MarathonMike]

It's been kicked around for a long long time and Monday it's going live. The Chinese commodities market will be allowing foreigners to buy oil futures contracts based on the Yuan. Not sure if it's a game changer in oil, but I could see a long term negative effect on the dollar.

 

[william the wie]

China is not a major exporter and oil is flooding the world. It looks like a non-event

 

[Picaro]

Nobody is going to trust Red Chinese markets, of any kind. See the BRIC carnival for another example of corrupt countries being unable to attract solid currencies or even semi-respectable financial institutions to participate. Having said that, I find it amazing that anybody participates in the U.S. financial and commodities markets as well, especially after the bond rating houses got away with essentially criminal manipulations.