Beijing (AFP) – China will launch its own crude oil futures in March, the securities regulator said Friday, as the energy-hungry giant looks to wield greater influence on the international market by offering an alternative to the Brent and WTI benchmarks.
The China Securities Regulatory Commission (CSRC) said the contracts would be launched on March 26 on the Shanghai futures market.
It is the culmination of a long-standing ambition of China, which for a quarter century has nursed plans to launch its own oil contracts in order to exert greater influence on the market for the black gold.
