China launches crude oil futures trading

China’s yuan-denominated crude oil futures contract, the first of its kind listed on the Chinese mainland to overseas investors, began trading on Monday at the Shanghai International Energy Exchange.

Chairman of the China Securities Regulatory Commission Liu Shiyu and Secretary of the Shanghai Municipal Committee of the Communist Party of China (CPC) Li Qiang attended the launching ceremony.

The contract opened at 440 yuan a barrel (69.71 US dollars), up 5.77 percent from the benchmark price of 416 yuan per barrel (69.10 US dollars).

The official launch of the crude-futures contract marks a new step in building Shanghai into an international financial center, said Liu at the launching ceremony.

“We have the confidence, determination and ability to build a crude oil futures market with Chinese characteristics, and make due contributions to better protect the legitimate rights and interests of investors, and better serve the high-quality development of the real economy,” said Liu.

(CGTN)