China will launch the long-awaited crude oil futures contract on March 26 at the Shanghai International Energy Exchange (INE), the country's top securities regulator has stated.
Preparations for the launch of the oil futures have almost been completed, Chang Depeng, spokesperson for the China Securities Regulatory Commission (CSRC), told a press conference.
Analysts believe the Shanghai crude oil futures will be able to compete for the benchmark in the Asia-Pacific region and will become part of the 24-hour global trading system together with Brent and WTI futures.