OREANDA-NEWS. December 02, 2013. The Shanghai Futures Exchange (SHFE) may price its crude oil futures contract in yuan and use medium sour crude as its benchmark, its chairman said, adding that the bourse is speeding up preparatory work to secure regulatory approvals.

China, which overtook the United States as the world’s top oil importer in September, hopes the contract will become a benchmark in Asia and has said it would allow foreign investors to trade in the contract without setting up a local subsidiary.

And, remember, it was on Keiser Report earlier this year (January 2013) where Dan Collins first suggested there were moves being made to prepare for a petro-yuan.