30 September 2013 07:51 [Source: ICIS news]
SINGAPORE (ICIS)--China plans to build an international energy trading centre in Shanghai and has secured preliminary regulatory approval for the undertaking, a source close the China Securities Regulatory Commission (CSRC) said on Monday.
The Shanghai Futures Exchange (SHFE) is spearheading the plan, which will pave the way for the building of an oil futures market platform, the source said.
The proposed platform in the China (Shanghai) pilot free trade zone is meant to open up China’s domestic futures trades to foreign participants.
The China (Shanghai) pilot free trade zone was launched on 29 September.
The launch is a significant milestone for China’s economic reforms, DBS China managing director Tan Teck Long said in a report issued on Monday, adding that it would bring vigorous developments in trade, law, consulting and especially financial innovation in the country.
($1 = CNY6.12)Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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