China is set to open its iron ore futures market, the world’s most liquid, to foreign investors for the first time.
Jiang Yang, vice chairman of China’s securities regulator, said this week the country’s futures market would be gradually opened up to foreigners, starting with iron ore and crude oil derivatives.
The China Securities Regulatory Commission will also encourage qualified companies in countries that are part of the Belt and Road initiative to issue Panda bonds, yuan-denominated debt sold in China by foreign firms or governments, Jiang said, according to an official statement posted online.
“Internationalising the futures market is seen as a way China can move quicker to becoming a price-setter rather than a price-taker,” analysts at Alphabulk noted.
