China has seen steady growth in trading and storage of its newly-launched crude oil futures, one month after its debut.
By the close Wednesday, the total trade volume in the month reached 667.1 million barrels, with a turnover of 283.586 billion yuan (44.7756 billion U.S. dollars).
Different sectors have been actively participating in the market and the structure of investors has diversified and been balanced. Domestic and foreign large oil companies, chemical companies, large trading companies, various investment companies and individual customers all have been participating in the trading of crude oil futures.
"I believe the capacity of this market will increase, and it will be more effective in guiding the pricing of the industry. This will have a great guiding effect on the overall price of crude oil," said Jiao Jian, director of Futures Research Institute at China National Cereals, Oils and Foodstuffs Corporation (COFCO).
The crude oil futures were launched on March 26 this year, providing overseas investors with access to the trading of yuan-denominated crude oil futures in China.
China has become the biggest crude oil consumer and importer in the world, with the crude oil external dependence rate surpassing 65 percent. At the same time, the Asia-Pacific region consumed more than one third of the world's crude oil in 2017.
Sources:cctvplus
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