China sees crude oil futures platform for foreign investors

Shanghai will provide crude oil futures trading to foreign financial institutions and companies.

Yang Maijun, General Manager of Shanghai Futures Exchange, told CCTV Tuesday that the exchange has been testing the international service on crude oil futures trading since January 18th, but cannot say when the service will officially start, as related regulations are not yet ready. Take a listen.

Yang said, "The crude oil futures trading that we providing will be an international platform. When foreign investors access the market, they will face issues related to forex management, currency exchange, so we may need support from the Administration of Forex exchange.

And settlement of commodities in bonded warehouses only covers copper and aluminum, and we want to expand its coverage to crude and other catergories. International investors's participation may also remind the clarification of some tax policies."

Yang also said that the exchange may offer overnight trading services this year. On market diversification, Yang said that the exchange is considering offering index futures tracking the nonferrous metal price index. Yang is the only representative from the futures industry to the National People's Congress. This year, he proposed agendas on the Futures Trading Law.