“China, which overtook the United States as the world’s top oil importer in September, hopes the contract will become a benchmark in Asia and has said it would allow foreign investors to trade in the contract without setting up a local subsidiary. The SHFE is awaiting Beijing’s final approval to launch the contract. That may come soon as the bourse has set up an international energy trading platform in the Shanghai free-trade zone, which is touted as a testing ground for China’s financial reforms, especially on yuan convertability and interest rates. A successful launch could pave the way for the opening of other Chinese commodities futures to more foreign investment.”
http://www.reuters.com/article/2013/11/21/china-crudeoil-idUSL4N0J62M120131121
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