The study looked at how China's exchange rate, domestic crude oil price, and international crude oil price are connected before and after China launched its crude oil futures. They found that China's oil price is mainly influenced by the global oil market, but its impact on international oil prices is weak. After the launch of China's crude oil futures, changes in the US dollar to Chinese yuan exchange rate had a big positive effect on China's oil prices. Tests showed that the launch of US dollar-based Brent or Oman crude oil futures didn't have the same impact as China's futures. This suggests that the exchange rate's positive effect on China's crude oil futures price can affect China's oil market too.