China will not be able to further grow its financial futures markets if it does not open them to the influence of international supply and demand, and it should do so now, said Leo Melamed, chairman emeritus at the Chicago Mercantile Exchange.
As president of the CME, he has been in touch with Chinese politicians and regulators since 1985. Melamed pioneered financial futures with the world’s first currency and interest-rate futures in the 1970s when he first took over running the CME.
The recent widening of the trading band for the renminbi and President Xi Jinping’s call to let market forces play a decisive role...
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