The Shanghai Futures Exchange will begin
crude futures trading “as soon as possible” and seeks to open the domestic
market to overseas participants, according to its chairman.
The exchange
has “basically” completed preparations for the new contract, Yang Maijun said
at its annual conference in Shanghai. Trading is planned to start this year,
Jiang Yang, the vice chairman of the China Securities Regulatory
Commission, said at the event.
China wants to
create an Asian benchmark crude contract that could give the nation a bigger
role in determining prices. The nation is the world’s largest oil consumer
after the U.S. and meets more than half of its crude demand through imports, customs data show.
The Shanghai
exchange plans to amend its existing fuel oil futures contract, Yang said
without providing details. It also will study possible trading in “strategic”
products including tin, nickel, alumina, stainless steel, cement, electricity,
paper pulp and rare earth, he said.
China will develop
commodities options and expand the trial of futures contracts settled through
the delivery of physical products from bonded warehouses, according to Jiang.
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