Hong Kong's New Oil Futures Market
In a move aimed at strengthening Hong Kong as the financial capital of China, the Hong Kong Mercantile Exchange on June 25 unveiled plans to launch its first product, oil contracts, by early next year. The exchange wants to capitalize on the booming demand for commodities in resource-hungry China. "There is a huge opportunity to develop a commodities futures market that can cater to the mainland," said John Tsang, Hong Kong's financial secretary, in a statement accompanying the announcement of the new plan.
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