TaiShang
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That's the overwhelming feeling, I must say.
For sour grapes, it is a doze of fatalism.
For those who believe in the resurgence of Greater China, it is a must.
Most people favor medium-term status quo and long term political solution and eventual reunification.
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On topic:
Like it or not, China's crude oil futures will be a global benchmark
* Chinese crude benchmark all but inevitable-executives
* Rise of China's crude futures expected to be gradual
SINGAPORE, Sept 10 (Reuters) - China's push to establish a crude derivatives contract has been met with early scepticism, but oil executives say the country's growing economic influence means a third global crude benchmark is inevitable.
A derivatives contract would give the Shanghai International Energy Exchange, known as INE, a slice of an oil futures market worth trillions of dollars, offering a rival to London's Brent and U.S. West Texas Intermediate (WTI).
And while others have tried and failed, China brings its might as the world's biggest oil buyer, a strong dose of political will and the alignment of its financial and banking system for a yuan-denominated contract.
"The energy industry is still manned, literally, by people from the West. But the world moves on, and there's a change of guard," said a senior market executive, speaking on the sidelines of a major industry gathering in Singapore this week, at which delegates spoke on condition of anonymity.
"China has become the world's biggest oil trader, and that means that an oil price will be set there, like it or not."
Shanghai's INE is in the final stages of launching crude oil futures, perhaps as early as October, although sources said delays were likely due to market turmoil.
The contract would better represent China's growing importance in setting crude prices, increase the yuan's role as an international currency and offer a measure of national pride.
It would also allow traders to arbitrage between major global regions, the Americas, Europe/Middle East/Africa (EMEA) and the Asia/Pacific.
But many executives see the success of a China contract as a given, even if the take-up is gradual.
"One-by-one, the oil-majors will start to participate, then others will follow," said an executive with a Western oil major. "While it might take some time to establish itself due to choppy markets and regulatory hurdles as well as the fact that it would introduce a foreign exchange element to crude futures, it is overdue for a Chinese contract to established."
Apple is just one of the thousands of example.
