Shanghai futures ride reform to enrich oil market

SHANGHAI: The yuan-denominated crude oil futures contracts, which were launched exactly three years ago, are celebrated as China’s first products of their kind to be open to overseas investors, thanks to their strong market resilience, ability to adapt to and thrive in reforms, pricing independence, and demonstrable record in nurturing companies in the sector, experts said.

Better known as “Shanghai oil”, the crude futures started trading at the Shanghai International Energy Exchange (INE) on March 26,2018. Up to 68 overseas brokerages from 23 countries and regions registered with the INE to trade in the product.