(Xinhua)
Updated: 2007-01-18 15:55

China is working to establish weather futures as part of efforts to offer hedge tools for farmers and insurance companies to minimize weather-related losses and risks.

The Dalian Commodity Exchange, one of China's largest futures exchanges, recently submitted the contracts of a special temperature index it had made with the National Climatic Data Center to the China Securities Regulatory Commission for approval.

The Dalian Commodity Exchange formed a partnership last year with the Chicago Mercantile Exchange of the United States, which already has weather futures transactions.