(YicaiGlobal) Dec. 22 -- Following the flotation of apple futures, China will develop distinctive agricultural-based financial products, based on Chinese dates, the first fresh fruit market investment of its kind.
This will better serve the needs of agriculture, rural areas, and farmers, the vice chairman of China Securities Regulatory Commission Fang Xinghai said at the apple futures listing ceremony in Zhengzhou Commodity Exchange today.
The increasing volatility of apple prices in recent years has led to sharper demands on enterprises and fruit farmers to forestall risk. Apple futures, as a pricing tool, play a significant role in stabilizing the income of farmers in poor areas and helping leverage the capital market to alleviate poverty, Fang added.
The benchmark price is set at 7800 yuan per metric ton for the first listed batch of apple futures contracts, with high and low limits within 10 percent of the contract benchmark price and a trading margin of 7 percent, Zhengzhou Commodity Exchange said.