Fang Xinghai, the vice chairman of the CSRC, said on 25 May that China will gradually open up commodity futures markets, starting from internationally-traded products such as crude oil, iron ore, and rubber. China will also encourage its domestic financial institutions to trade in a wider range of commodities, as commercial banks are currently only allowed to trade in gold and silver futures, prompting many to pursue futures transactions overseas. In the meanwhile, regulators will strengthen supervision to clamp down on speculation and potentially illegal activity from foreign investors. In addition, China will pursue more bilateral and multilateral agreements with international exchanges to improve governance of international futures markets.
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