In place of a global market built on the foundations of the structures created after 1945 and refined only recently, there will emerge (again) regional trading blocks around the most powerful states, within which information and the power of markets will be protected, and beyond which information, and the barriers of equal treatment in market activity, will be fostered. This possibility, already well evident by 2006, has now become a possible successor ruling ideology around which global economic activity (and the politics that follow) will be structured (Economic Globalization Ascendant and the Crisis of the State: Four Perspective on the Emerging Ideology of the State in the New Global Order, pp. 154-158).
These trends suggest a restructuring of markets through hierarchically arranged state based trade relations and their conflation with state to state routed production chains. Where once there might have been a global approach to production with markets increasingly indifferent to states, the new trade relations that might well emerge--OBOR and America First--offer a distinctive view where production chains and power chains among states begin to conflate. In that environment information becomes important,
If the futures are embraced by overseas investors and become a benchmark for global oil transactions, China’s hoping the yuan could challenge the dominance of the greenback in international trade. Still, skeptics say that won’t happen as long as the currency is controlled by the central government, and while international traders may agree to settle contracts converted into yuan, they’ll continue to price the oil in dollars. (China Ends 25-Year Wait as Yuan Oil Futures to Start Trading (Bloomberg 9 Feb. 2018)
RMB internationalization is one small part of a larger more ambitious project: (1) External: An integral part of Chinese trade and development policies; an interlocking set of objectives to solidify the all around central position of China. (2) Internal: Core of socialist modernization and development of productive forces within China; situating China at center of global commerce essential for next stage of economic and political development. ("One Belt One Road and RMB Internationalization—A Strategic Alliance"--PowerPoints of My Presentation at the "Symposium On the Internationalization of the RMB: Risks and Challenges Ahead").
Chinese enterprises are facing rising contractual disputes as they are increasing investments in the countries along the route of the “One Belt, One Road” Initiative (OBOR Countries). If they failed to provide dispute resolution terms in the contracts, such disputes would be submitted to the jurisdiction where the disputes arise, and this may incur bigger expenses and cause uncertainties to Chinese investors as they are unfamiliar with the languages and legal systems in such jurisdictions. One way to avoid such trouble is to provide in the contract that all disputes shall be submitted to the Chinese jurisdiction. (China establishes “One Belt, One Road” Arbitration Court)