Timing crucial for crude futures contract

SHANGHAI - The Shanghai Futures Exchange (SHFE) still hopes to launch a crude oil futures contract as part of new product offerings, but the timing depends on whether China revises its oil import laws, the general manager of the exchange said on Saturday.

The SHFE, which is largely closed to foreign participation, also hopes it would in time expand its membership to overseas entities, said Yang Maijun.

"We are working to launch more products and crude oil is one of them. But the launch and the timing is dependent on whether there are changes to the current import restrictions and domestic spot market," Yang told reporters.