China Eyes Launch of Crude Futures Within the Year: SHFE

Reuters – May 28, 2012

Associated Press

(Reuters) – China aims to launch crude oil futures within the year and allow them to be traded by foreign investors as the country speeds the opening of its commodities futures market to overseas players, the chairwoman of the Shanghai Futures Exchange (SHFE) said on Monday.

Global institutions are eager to access China’s exchanges, which accounted for more than half the volume of commodity derivatives traded worldwide in 2010, according to data from the World Federation of Exchanges.

Once the crude oil contract is launched, the Shanghai Futures Exchange will gradually allow foreign investors to trade on other contracts, with non-ferrous metals products next in line to be freed up, followed by precious metals.

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