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China prepares for stock index futures

(Xinhua)
Updated: 2007-02-05 15:03

China Securities Regulatory Commission (CSRC) is making preparations for the launch of stock index futures to ensure stable start with high standards.

CSRC Chairman Shang Fulin made the remarks at a recent meeting held by the China Futures Association.

To promote the healthy development of the national economy, the futures market should be turned into a safe and efficient market with a sound structure, Shang said.

The trading of stock index futures will be launched at the Shanghai-based China Financial Futures Exchange in early 2007, Shang said last October.

Share prices of many heavy weighted blue chips started to rocket since then. Dealers regarded such shares as effective tools to manipulate stock index.

The capital market has been keen to develop financial futures for years. It is also a must for further development of the capital, monetary and insurance market, Shang said.

China Financial Futures Exchange, the country's first financial derivatives exchange, was inaugurated on September 8, 2006.

Zhu Yuchen, the exchange's general manager, has said trading stock futures will provide investors with a new risk hedging tool.

"Currently investors in China can only profit when the index is going up. With the introduction of index futures, investors can also make money when the index falls," he said.