The Role of Shanghai Crude Oil Futures in International Crude Oil Futures Markets——Complex Network Analysis Based on Multivariate Transfer Entropy
During the last 20 years,currency diversification tends to replace the monopoly of the dollar in invoicing crude oil.In order to scientifically evaluate the role of Shanghai Crude Oil in international crude oil markets.This paper utilizes multivariate transfer entropy to analyze the network of information spillover.Empirical evidence shows that non-dollar oil futures markets such as Mumbai and Tokyo have large spillover over dollar oil futures markets.There also exists significant unique information spillover between non-dollar and dollar oil markets.However,The unique information spillover of renminbi oil market is insignificant.Different from other non-dollar market,SC crude does not have significant unique information spillover with renminbi exchange rate.The findings of this paper has implications for renminbi internationalization.The role of renminbi in diversified global currency system should be strengthened.The renminbi crude oil futures market should fasten.The renminbi derivative market should be strengthened in coordination with SC crude oil market.
International CurrencyInvoice CurrencyDiversificationCrude Oil FuturesRenminbi Internationalization
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