China to launch two new rice futures contracts in Zhengzhou -govt spokesman
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. <0#CZRI:>
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 Hogue)
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