China aims for crude futures to open in 2014
Print Edition
CHINA aims to launch its long-awaited crude futures this year as the country continues to develop its commodities market, a senior securities regulatory official said yesterday.
Jiang Yang, vice chairman of the China Securities Regulatory Commission, made the remark yesterday at an annual conference hosted by the Shanghai Futures Exchange.
Yang Maijun, chairman of the exchange, said the bourse has completed preparations for the new contract after working on the crude futures for years.
The crude futures are expected to become a benchmark for Asia, providing China with a bigger voice in pricing. China relies on imports for more than half of its crude needs.
Currently, much of the world’s crude supply is priced against contracts based on North Sea Brent crude and West Texas Intermediate crude.
The proposed new crude contract requires specific government regulations in place to take into account currency conversion, taxation and bonded delivery.
In November, the Shanghai exchange launched a designated energy trading platform inside the city’s pilot free trade zone for the proposed crude contracts. The FTZ is considered a major testing ground for China’s economic reforms.
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