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China To Open A Domestic Oil Futures Market

Shanghai, China's Financial Center
The Financial Center of Shanghai

China is set to open a domestic oil market to trade futures contracts.  According to Bloomberg Businessweek, “The Shanghai International Energy Exchange, a unit of Shanghai Futures Exchange, will be known by the acronym INE and will allow Chinese buyers to lock in oil prices and pay in local currency. Also, foreign traders will be allowed to invest — a first for China’s commodities markets — because the exchange is registered in Shanghai’s free trade zone.”

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