China is all set to launch the trading of Crude oil futures, states Guo Shuqing, Chairman of the China Securities Regulatory Commission. China is the world’s second largest consumer of crude oil.
“Within this year, China will launch an international crude oil futures market, the third such market in the world after the United States and the United Kingdom”, Xinhua news agency quotes Shuqing, who added that the Chinese imports actually accounts for about 70%-80% of newly added global production.
The futures contracts are expected to be traded on the Shanghai Futures Exchange and are currently awaiting the approval of Chinese authorities. Currently, the exchange trades in fuel oil futures in addition to metals like copper, aluminum etc.
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