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China starts trade in early rice futures contracts

CHINA started the trading of early rice futures contracts yesterday on the Zhengzhou Commodity Exchange in central Henan Province, as it aims to play a larger role in global grain prices.

Early rice is a major grain product in China. The new contract means that all major farm produce items in China now have futures contracts.

The Chairman of the China Securities Regulatory Commission, Shang Fulin, told the opening ceremony the regulator would "shift its work focus to improve existing futures contracts rather than listing new farm products."

"China has chosen to start early rice futures trading because it wants to improve its grain pricing system and eventually have more influence on global grain prices," Nanhua Futures General Manager Luo Xufeng said.

The contract might help the country have a bigger say in global grain pricing and make it an information, trading and pricing center for grain, said a statement from the exchange.


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