Shanghai oil futures exchange approved

The China Securities Regulatory Commission (CSRC) approved the resumption of fuel oil futures trading at the Shanghai Futures Exchange after the exchange meets regulatory requirements. The CSRC's decision came after the exchange received approval from the State Council, China's cabinet. China's fuel oil futures exchanges were originally opened in Shanghai, Nanjing and Beijing in 1993, but were closed two years later. Chinese energy experts have been pressing for the reopening of the mainland oil futures markets to hedge against rising international oil prices.