Shanghai reaches 5.34t yuan in crude oil future contracts

The Shanghai International Energy Exchange (INE) has reached a total of 5.34 trillion yuan ($780 billion) worth of crude oil futures contracts since it launched on March 26.

Throughout its five months of operation, the Shanghai crude has seen its transaction volume surpass that of Dubai Crude Oil, and it has started to show its influence on global market, said Li Hui, deputy general manager of the Shanghai Futures Exchange.

The Chinese yuan-dominated crude oil future contracts are the first of their kind listed on the Chinese mainland for both Chinese and overseas investors, according to Li.

The development of the crude oil futures market is a complex, systematic project that requires time to evolve and mature, and there is still a long way to go for Shanghai crude to compete with global benchmark counterparts, added Li.