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Washington’s renewed sanctions on Tehran supports China’s newly established oil futures, analysts say. The sanctions can make the yuan a more preferable currency than the dollar on the oil market.

Since their launch in May, the interest in the renminbi-backed oil contracts has steadily surged. Traded daily volumes hit a record 250,000 lots last Wednesday, and the share of yuan contracts in global trading jumped to 12 percent compared to eight percent in March.

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