Shanghai Free Trade Zone to welcome commodity exchanges

Shanghai has unveiled ambitious plans to create numerous international commodity trading platforms in its free-trade zone (FTZ), South China Morning Post reported, citing Chinese authorities. According to an action plan to develop the city into a centre for international commerce, major commodities including iron ore, cotton and copper will be traded on the internationalised markets inside the 28.8 sq km FTZ by 2015. Establishing international platforms for spot trading in commodities is likely to help China gain more pricing power over commodities that play a pivotal role in the country’s economic development.