Source:
WSJZHENGZHOU, China -- Chinese leaders are concerned that their nation's enormous economic expansion is becoming an excuse for foreign suppliers to inflate commodity costs. So, they hope to use their three futures exchanges to fight back.
Government officials say the country is positioning its futures markets to be major players in setting world prices for metal, energy and farm commodities. By letting the world know how much its companies and investors think goods are worth, China hopes to be less at the mercy of markets elsewhere.
"It is true we have a long-term goal of increasing our influence in terms of pricing, but to do that we have to create conditions and do it step by step," Jiang Yang, chief futures-industry policy maker and assistant chairman of the China Securities Regulatory Commission, said in an interview. "But as the Westerners say: 'Rome was not built in a day.'"
Read more:
http://online.wsj.com/article/SB125529874012778991.html?mod=WSJ_hpp_LEFTTopStories
Wow. This could drive commodity prices down for good.