China's Crude Oil Futures Attract Worldwide Participation
Faizan Hashmi Published September 19, 2018 | 06:36 PM
China's crude oil futures, the first futures variety on the Chinese mainland open to overseas investment, have attracted worldwide interest, exchange data showed Wednesday.
SHANGHAI, (APP - UrduPoint / Pakistan Point News - 19th Sep, 2018 ) :China's crude oil futures, the first futures variety on the Chinese mainland open to overseas investment, have attracted worldwide interest, exchange data showed Wednesday.
"So far, the Shanghai International Energy Exchange (INE) has approved the filings of 32 overseas agencies to provide brokerage services for overseas investors, with three others still waiting approval," according to Li Hui, vice general manager of the Shanghai Futures Exchange, INE's parent company. "Those brokerage agencies have helped investors from Hong Kong, Singapore, the United States and Britain process trading of crude oil futures." Currently, crude oil futures held by overseas investors account for about 15 percent of the exchange total.
"The INE crude oil futures have played a preliminary role in pricing and settlement, as the futures have been used as benchmark prices of some long-term crude oil supply contracts denominated and settled in yuan," Li said.
The futures contracts were launched in March 2018 in Shanghai in a move to further open up the financial sector.
By Aug. 30, the combined turnover of the crude oil futures stood at nearly 11 million lots (1,000 barrels per lot), with a total value of 5.34 trillion Yuan (about 779 billion U.S. Dollars).
The value of daily turnover averages about 49 billion yuan, with the maximum daily amount topping 108.65 billion yuan, according to the INE data.
Related Topics
Recent Stories
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
More Stories From World
-
Evan Gershkovich: determined US reporter jailed in Russia
16 minutes ago -
African Union 'warmly congratulates' Faye on Senegal election win
26 minutes ago -
Biden, Obama, Clinton rake in cash at NYC campaign stop
2 hours ago -
Israeli strike kills 36 Syrian soldiers near Aleppo: war monitor
2 hours ago -
Russian veto ends monitoring of UN's N.Korea sanctions
2 hours ago -
Football: Italian Serie A table
2 hours ago
-
Football: Spanish La Liga table
2 hours ago -
World court orders Israel to unblock Gaza food aid, as famine lurks
2 hours ago -
Football: English Premier League table
2 hours ago -
Greek govt defeats censure motion over train tragedy
3 hours ago -
Baltimore bridge, port recovery will be 'very long road'
3 hours ago -
Ecuador prison riot leaves three dead, six injured
3 hours ago