BEIJING, Oct 18 (Reuters) - China, the world's top rice
producer and consumer, has approved the launch of two more rice
futures contracts on the Zhengzhou Commodity Exchange, said a
government spokesman on Friday.
The China Securities Regulatory Commission (CSRC) has
approved futures contracts for short-grain rice (Japonica rice)
and late Indica rice, said the body's spokesman. The Zhengzhou
exchange currently trades only early Indica rice futures.
China has sped up the expansion of its commodity futures
markets this year as the government hopes to offer companies
more hedging tools while trying to improve the structure of its
financial markets. Beijing also hopes to have a bigger say in
the pricing of major commodities globally.
The CSRC spokesman did not say when the new rice contracts
might start to trade.
China's first iron ore futures contract debuted on the
Dalian Commodity Exchange on Friday, and the Zhengzhou Commodity
Exchange launched trading in the country's first steam coal
futures on September 26.
The Shanghai Futures Exchange started trading futures
contracts for road-paving material bitumen on October 9.
(Reporting by Zhang Xiaochong, Beijing Newsroom; Editing by Tom