Crude oil futures trading will be launched by the end of the year after the China Securities Regulatory Commission finishes reviewing and revising the proposals, the Economic Information Daily reported Tuesday. Authorities have agreed in principle to select a medium sour crude as the core trading product, according to the newspaper. Crude oil futures will be allowed for physical delivery in bonded storage areas and in net price, excluding any tariffs and value-added tax. But whether the contracts will be traded in US dollars or the renminbi has yet to be decided. At present, there are four types of crude oil futures contracts worldwide, including two at the New York Mercantile Exchange and one each at the International Petroleum Exchange in London and the Singapore Exchange, the report said.
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