China's first ever crude-futures contract has been launched, as the country seeks to have a greater say over pricing and challenge benchmarks in Europe and the U.S., Bloomberg reported Monday

According to the report, the yuan-denominated futures traded at $68.47 per barrel for September settlement by 11:30 a.m. local time Monday.
Moreover, the Chinese contract traded about $4 a barrel higher than West Texas Intermediate (WTI), the report said.
Last year, China became the world's biggest buyer of foreign oil, surpassing the U.S. Yuan-denominated contracts are expected to boost the use of yuan in international trade in the long run.