Original
From Pricing Power to Autonomy: The Geopolitics of RMB-Denominated Oil Futures Benchmark
Abstract
This article examines China’s introduction of RMB-denominated crude oil futures as an instrument of financial statecraft aimed at reshaping the geopolitical foundations of global oil pricing. While Brent and WTI dominate price discovery through their deep embedding in dollar-based financial infrastructures, China seeks to cultivate pricing power by relocating benchmark formation to domestic institutions and an RMB-denominated contract. The paper argues that this initiative is not merely a market innovation, but a strategic effort to reduce structural dependence on USD-centered benchmarks, mitigate exposure to US financial jurisdiction, and enhance autonomy amid intensifying geopolitical rivalry. By analyzing the architecture, evolution, and international uptake of the Shanghai INE contract, the article shows that pricing power constitutes a crucial and underexplored dimension of contemporary Chinese statecraft.
中文
从定价权到自主：人民币计价石油期货基准的地缘政治
摘要
本文考察中国推出人民币计价原油期货作为金融治国术工具，旨在重塑全球石油定价的地缘政治基础。尽管布伦特和WTI通过深度嵌入美元金融基础设施而主导价格发现，中国试图通过将基准形成转移至国内机构和人民币计价合约来培育定价权。本文认为，这一举措不仅是市场创新，更是旨在减少对以美元为中心的基准的结构性依赖、缓解美国金融管辖风险，并在日益加剧的地缘政治竞争中增强自主性的战略努力。通过分析上海国际能源交易中心（INE）合约的架构、演进与国际参与情况，本文表明定价权是当代中国治国方略中一个关键但未得到充分探讨的维度。
关键词
人民币计价石油期货、定价权、金融治国术、地缘政治、原油期货、上海国际能源交易中心、去美元化、中国