The world’s top oil importer, China, is expected to launch its long-awaited and delayed yuan-denominated oil futures contract at the end of March, according to Reuters’ sources.

The petroyuan is seen as Beijing’s challenge to the US dollar, the dominant global currency in oil contract settlements.

The contract could reportedly be launched on March 26 on the Shanghai International Energy Exchange (INE). The exchange has recently received the approval from China’s State Council.