It has launched a thousand headlines in the last few months. And it happened this week. But if you blinked you would have missed it.
What am I talking about? Why, the launch of a Chinese yuan-denominated oil futures contracts on the Shanghai International Energy Exchange, of course! Or, in more headline-appropriate terms: The Birth of the Petroyuan!
Considering this event has been in the works for literally a quarter of a century (since the Chinese tried and failed to launch such a contract in 1993), the event came and went with remarkably little fanfare, even from the ChiCom mouthpiece press. Take Xinhua's decidedly low-key announcement: "China launches crude oil futures trading." No celebration of the glorious arrival of the dawn of a new monetary order. No bold proclamations about the impending dominance of the Chinese benchmark in global oil sales.