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CSRC: Crude futures trading may happen this year
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CHINA’S securities regulator said trading of long-awaited crude futures could start within the year as the country continues to develop its commodities market.
Jiang Yang, vice chairman of the China Securities Regulatory Commission, made the remarks today at the annual conference by the Shanghai Futures Exchange.
The Shanghai bourse, which has been working on setting up crude futures for years, has nearly completed preparations for the new contract, CSRC Chairman Yang Maijun said.
Crude futures have been long proposed as Shanghai aims to create a benchmark for Asia, which will give China a bigger say in pricing. China relies on imports for more than half of its crude needs.
Much of the world’s crude supply is priced against contracts based on North Sea Brent crude and West Texas Intermediate crude.
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