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The Futures Daily learnt recently that Cao Huiquan, deputy to the NPC, put forward a proposal for iron ore futures internationalization at NPC & CPPCC. He said that we should actively propel the iron ore futures internationalization and develop a international trading center of iron ore.
Cao Huiquan suggested that we should encourage and push Dalian Commodity Exchange in internationalization of the iron ore futures as early as possible, and have overseas main mines and related institutions gained access to domestic futures trading in the year; we should carry out market-oriented operation based on international practice, and build a well-developed and convenient mechanism for overseas funds flowing in and out the futures market. He proposed that we encourage state-owned enterprises to conduct the hedging business, and gradually make the prices of iron ore futures on DCE the benchmark for pricing of the spot goods.
