China's hyped-up oil futures struggle on third day of trading
While the yuan is displaying record gains against the United States dollar, it appears that the Chinese government is seeking to find an alternative to using the American currency in payments for imported crude oil.
Beijing is forging ahead in its efforts to internationalize the yuan, with sources saying this week that China may begin paying for crude oil with the local unit as early as this year. Beijing's demand is also a key determinant of the cost of the raw material. This will improve the currency's liquidity on the world market.
The news of China's ideas coincided with the long-awaited trading of Chinese oil futures on the Shanghai Exchange this week, which is expected to become the third world benchmark along with the WTI and Brent varieties.
For more on how these oil futures work, both when they are traded and what they are meant to do for individual investors, see this piece in Bloomberg.
Warriors' Patrick McCaw forced to leave on stretcher after scary fall
Carter appeared to apologize to Warriors coach Steve Kerr during the five-minute delay. "Freak accidents, things happen". After the game, Kerr provided as much information as he could, although the team is still awaiting more information.
3 teens arrested after melee with police
The department's Professional Standards Division also is investigating to determine if officers followed department policy. Despite knowing that she hit something, police said Miller never returned to the scene to confirm that it wasn't a person.
N.Korean leader meets International Olympic Committee president
Kim is to meet US President Donald Trump by May, though the exact date and location of that summit have not been announced. Mr Kim told Bach that the Olympics had "opened a new chapter of concord between the north and the south", KCNA said.
Markets for other commodities could follow, if the oil imports via the Chinese yuan are successful.
A slew of measures put in place in the last 1-1/2 years to rein in capital flowing out of the country amid a slide in yuan value has taken off some its shine as a global payment currency.
"For PBOC and other regulators, internationalization of the yuan is clearly one of the priorities now, and if this plan goes off smoothly then they can start thinking about replicating this model for other commodities purchases", said the person briefed on the matter.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
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