China is one of the world’s biggest consumers of industrial and agricultural commodities, but its futures exchanges have yet to develop any influence over global commodity prices.
To improve that situation, the Shanghai Futures Exchange SFE is planning China’s first crude-oil futures contract, which could be launched as early as the end of this year so the country can gain the pricing power to match its massive demand.
The new futures contract “marks the opening up and innovation of China’s commodities futures market”, Wang Lihua, chairwoman of SFE, said at a forum in Shanghai, during which the plan was announced.
Despite a decelerating...
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