Oil futures trading soon

China is likely to launch crude oil futures trading this year, the country's first international futures contract, Yang Maijun, the president of the Shanghai Futures Exchange, said on Tuesday.

The contract will be yuan-denominated and the regulator is drafting relevant tax and foreign exchange policies, Yang revealed in Beijing. Trading will be open to foreign investors and brokers to better reflect prices on the spot market, Yang said.

The decision is likely to be viewed as an effort by the world's largest oil importer to gain a greater say in oil pricing, and a cushion for the negative impact of sharp price fluctuations on the international markets.