Shanxi plans coal futures bourse

Shanxi province, China's largest coal producer, said it has plans to establish the country's first coal and coke futures exchange to help stabilize the domestic market and secure a bigger voice in international pricing.

"We have submitted a feasibility study to the authorities with the aim of establishing the market in 2012," said Wang Hua, director at the Shanxi provincial capital market development office.

In the first quarter of this year, coal producers in the province took a major blow from rapidly falling coal prices. This had sent the Shanxi economy into a tailspin. Shanxi was ranked at the bottom of all mainland provinces with a negative GDP growth of 8.1 percent.