Crude oil futures made their Chinese debut on 26 March via trading on the Shanghai Futures Exchange.
Regulators hope that the introduction of crude oil futures to China will help to create a centre for trading of the instruments in the Asia-Pacific region.
Liu Shiyu (刘士余), head of China Securities Regulatory Commission, said at a ceremony for the launch of the country’s first crude oil futures that China has been preparing for their deployment for the past 17 year.
“The introduction of crude oil futures…is a sign that the establishment of Shanghai as an international financial centre has taken a new step forward,” said Liu.
“China’s crude oil futures have passed through seventeen years from inception until their formal listing today…CSRC has the confidence, determination and ability to successfully create a market for uniquely Chinese crude oil futures.”
China is currently the world’s largest oil importer, as well as the second largest oil consumer and the third largest oil producer.