China targeting 2014 launch of first crude oil futures

SHANGHAI: China is aiming to launch its first crude oil futures contract this year, the vice chairman of the securities regulator said on Wednesday, a move that would give the world's second largest oil consumer greater influence in global pricing.

The long-delayed contract, proposed by the Shanghai Futures Exchange (SHFE), will be China's first commodity futures contract that allows participation from overseas institutional investors without setting up a local subsidiary.