BEIJING, March 12 (Reuters) - A former executive of Shanghai Futures Exchange said on Sunday that the exchanges is “actively” preparing to launch the long-awaited crude oil contract, but declined to comment on the timeline for the launch.
* Yang Maijun, former head of the Shanghai Futures Exchange made the remarks to Reuters on the sidelines of China’s annual parliament meeting.
* Yang also said the exchange will step up supervisions to cope with market volatility.
* Chinese media report in February said China’s top securities regulator is still preparing to launch oil futures.
* Reuters reported in January that China has shelved an ambitious plan to launch the contract due to market resistance and concerns over Beijing’s capital control and heavy-handed interventions.
Reporting by Meng Meng and Chen Aizhu; Editing by Simon Cameron-Moore