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China considers further opening the futures market
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CHINA considers to let foreign investors take part in the domestic futures trading of crude oil and iron-ore as a step of financial reforms, said Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), today in Shanghai.
"The commission is working actively on a plan to expand the participation of foreign investors in China's financial future markets," Fang told a derivatives forum, adding that the commission is studying related tax policies on future trading and deliveries.
"The commission also considers to choose crude oil and iron-ore futures as pilots to lure overseas investors," said Fang.
Besides, the government is looking at possible futures markets for pulp, hogs, red dates and apples, and will allowing commercial banks take part in the treasury futures market, Fang added.
China has been accelerating the pace to establish a crude oil futures market to resume the agenda of financial reform and opening up. Significant progress in terms of setting up trading facilities and rules was made two years ago, but the process was delayed by stock market turmoil in the summer of 2015.
The launch of crude oil futures is likely to happen in Shanghai in 2017, Fang said in a previous forum in Shanghai last month.
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