China to beef up oversight of commodity futures trading

Shanghai

CHINA'S leading market regulator said that its clampdown on speculation in raw materials futures has successfully reined in the frenzy, and pledged to beef up oversight as the country seeks to dislodge rivals and become the global centre for commodities pricing.

"Recently, we experienced huge volatility and trading volumes in some commodity futures," Fang Xinghai, vice-chairman of China Securities Regulatory Commission (CSRC), said at the Shanghai Futures Exchange's annual conference in the city on Wednesday. "We supervised the exchanges to take measures, which have seen a notable effect."