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BRIEF-China still preparing to launch oil contract - former exchange exec
March 12, 2017 / 3:04 AM / 8 months ago

BRIEF-China still preparing to launch oil contract - former exchange exec

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

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