BEIJING: China plans to launch its long-awaited crude oil futures contract on March 26, two sources familiar with the situation said on Friday, a move that will potentially shake up pricing of the world’s largest commodity market.
The launch will mark the end of a years-long push by China to create Asia’s first oil futures benchmark, and is aimed at giving the world’s biggest oil consumer more clout in pricing crude in Asia.
It will potentially give the Shanghai International Energy Exchange (INE), which will operate the new contract, a share of the trillions of dollars each year in oil futures trading. The two sources declined to be named because they are not authorized to speak to the media.
The Shanghai Futures Exchange (ShFE) and INE, which is part of the ShFE, declined to comment. The country’s securities regulator, CSRC, did not respond to a request for comment. — Reuters
Oman Observer is now on the WhatsApp channel. Click here
