CSRC starts work on first contract for crude oil futures

China's securities watchdog said on Friday it planned to complete preparatory work for the country's first crude oil futures contract over the next three months.

Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, said it would look into crude oil industry supporting policies and examine and approve regulations and trading rules for the Shanghai International Energy Exchange Corp.

Separately, the commission also formally released new regulatory rules on overseas traders and brokerage companies participating in particular types of futures trading, which will take effect from August 1.