High time to develop futures trading in China

(Xinhua)
Updated: 2009-05-16 21:16

BEIJING - China has laid a solid ground to step up the development of the country's futures trading market, according to China Futures Association (CFA) here on Saturday.

The country has narrowed the gap with international futures market as its futures trading was less exposed to the impact of the global financial crisis, the CFA vice director Li Qiang said at a forum on the development of futures market.

China ranked second on international market in terms of commodity futures trading. "The futures prices of products such as copper, corn, soybean and wheat have seen a growing influence on the global price changes," Li said.

It was necessary for China to enhance futures trading development and use the market as a tool for risk management at a time of global economic downturn, according to Li, as futures prices often served as a barometer to indicate international commodity price changes.

At present, the country has 20 products on futures trading. Two products have been open for market trading since the year's beginning, including steel and early rice, with the launch of swine futures in expectation.