@article{oai:kyukyo.repo.nii.ac.jp:00000375,
 author = {甘, 長青 and GAN, Changqing},
 issue = {1},
 journal = {九州共立大学研究紀要, Study journal of Kyushu Kyoritsu University},
 month = {Sep},
 note = {As everyone knows, China has been the world’s biggest crude oil importer since 2017. But the most
importmant global crude oil price benchmarks are based on the crude oil futures trading of WTI in the
U.S., as well as Brent oil in the United Kingdom. What is worse for China, almost all oil contracts are
settled in U.S. dollar, not Chinese yuan.
The main purpose of this study is to clarify the present strategy of Chinese governemt authorities
to not only making the Chinese Yuan-denominated Shanghai crude oil futures become Asian oil price
benchmark such as WTI and Brent oil in the West, but also giving a boost to Chinese yuan as a major
international currency like Dollar.
The fact is the Chinese authorities have detected a potential major breakthrough to make Yuan an
international currency from launching the crude oil futures trading on March 26 2018. By the way, it
was also China’s first futures variety open to overseas investors.
Because Shanghai crude oil futures are interactive with peer contracts exchanged on
the market of European countries and the United States, as well as other major markets
such as Dubai oil, arbitrage transactions between WTI, Brent and the others during the
Asian trading period have turned more active since the launch of Shanghai crude oil futures.
　　 According to the Shanghai International Energy Exchange (INE), a unit of the Shanghai Futures
Exchange, for the time being, the daily trading volume reached almost 150,000 lots on average.
Related businesses such as trading, settlement, currency exchange, cross-border currency transfer,
and delivery in bonds have been operated, which have promoted overseas energy companies’
participation in the China market. The fast increasing trading volume of Shanghai crude oil
futures indicated that the contracts had been recognized by the market. Since May 2018, the
summary code of Shanghai crude oil futures, Shanghai Crude(SC) has reached the world’s third
active crude oil futures trading markets. Oil and chemical industry giants, commodity traders and
investment companies are among the active traders. The launch of the crude oil futures index
on March 26 2019 echoes a growing focus on China’s crude oil futures at homeland and abroad.
Although Shanghai crude oil futures look successful, howover, many issues still lurk.
The most essential one is that if it wants to play a more important role in the world crude
oil market such as WTI or Brent oil, far more overseas investors are necessary to join in
it. With the participation of a large number of multinational oil companies, oil traders
and investment banks, Shanghai crude oil futures can form a benchmark price reflecting
t h e s u p p l y - d e m a n d s i t u a t i o n i n C h i n a a n d t h e A s i a - P a c i f i c r e g i o n a t l a r g e s o m e d a y.},
 pages = {11--18},
 title = {中国人民元建ての上海原油先物取引の現状と将来展望},
 volume = {10},
 year = {2019}
}