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China to Launch Crude Oil Futures this Year: Xinhua


(Reuters) – China is expected to begin trading in crude oil futures within the year, a senior government official said on Wednesday, as the world’s second-largest oil consumer and crude buyer aims to increase its say in oil pricing.

“Within this year, China will launch an international crude oil futures market, the third such market in the world after the United States and the United Kingdom,” state news agency Xinhua quoted Guo Shuqing, chairman of the China Securities Regulatory Commission, as saying.

He said most of China’s new demand for crude oil is now met by imports, adding that Chinese imports accounted for 70 to 80 percent of newly added global oil production.

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