Launch of China's oil futures contract will increase its say in global markets

CHINA WILL launch its first crude oil futures contract at the Shanghai International Energy Exchange on March 26, China Securities Regulatory Commission announced on Friday. Beijing Youth Daily commented on Monday:

The Shanghai International Energy Exchange in the city's free trade zone will allow foreign investors to trade the new oil futures contracts, a first for China's commodities markets.

The move marks the end of years-long preparation by China to introduce the first crude oil futures benchmark in Asia, and aims to ensure the world's largest oil importer - China imports 67 percent of the oil it consumes - its overdue say in the pricing of crude oil.