The Shanghai Futures Exchange is planning to launch a crude oil futures contract that will be denominated in multiple currencies and partially open to foreign investors, according to a leading brokerage and analysts.
China, the world’s biggest consumer of many commodities, is seeking to expand its financial presence in global commodities markets as its appetite for raw materials grows.
But China’s futures exchanges, which are closed to foreign investors, have not developed an influence to match its huge demand.
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