(Yicai Global) Sept. 8 -- China's long-awaited crude oil futures have entered the final stage of listing, senior officials at China Securities Regulatory Commission said.
The world's largest oil importer, China hopes to build its own crude oil pricing standard through the new financial product.
As early as 2012, the regulator's chairman at the time, Guo Shuqing, said China would start the third global crude oil future market behind the US and the UK, to compete for crude oil pricing power. In May, China Shanghai International Energy Exchange Center officially released the crude oil futures standard contract.
Preparation for the listing has entered the final stage, Fang Xinghai, vice chairman of the regulator, said at a financial forum on Sept. 8. China's futures market will speed up the introduction of foreign investors and encourage overseas business development, he added.
Crude oil is usually priced by Brent and West Texas Intermediate's futures contracts, which are both in dollar terms. China's upcoming futures will be yuan-denominated and may attract oil producers reluctant to use the dollar.