In May 2017, some 1,200 delegates from 110 countries, including 29 visiting heads of state and government leaders, gathered in Beijing for China’s biggest diplomatic event, which was held to showcase the Belt and Road Initiative’s (BRI) achievements to date, as well as draft some new ideas. The forum also formalised the US$50 billion China–Pakistan Economic Corridor (CPEC), a flagship project of the BRI, projecting it as a game-changer for Pakistan’s economy.
The Coming of the Petroyuan?
China’s launch of a yuan-denominated oil futures exchange will provide it with the opportunity to create an Asian crude oil benchmark and give it more clout in crude pricing and for promoting the yuan as a truly global currency.