Futures market gets ready for reforms

China Securities Regulatory Commission will positively promote the legislative work of the futures law for the development of a Chinese multi-level capital market, said the vice-chairman of the commission on Thursday.

Jiang Yang, vice-chairman of the commission, said the Chinese futures market has developed well and is good for the real economy and financial reform.

There have been 31 varieties of commercial futures listed in China. Steam coal futures, egg futures and asphalt futures will come to the market soon, said Jiang.

Jiang said China will step up to carry out more bulk commodity futures including those in crude oil, iron ore and rice.

Financial futures have also been progressing smoothly to the extent that 64 Chinese securities companies in 2012 hedged risk by buying stock index futures.

Treasury bond futures reopened on Friday after 18 years, a move to promote the reform of interest rate marketization.

"We will guarantee the stable listing and safe operation of treasury bond futures," said Jiang, adding that market regulators and organizers should implement the duties of supervision and service fully.

Jiang said China encourages overseas investors to participate in the markets for metal and crude oil futures and derivatives.

"The Chinese crude oil market is open and we are studying methods for foreign currency exchange for overseas investors," said the vice-chairman of the commission.