The law, to take effect on Aug. 1, 2022, was approved at a session of the Standing Committee of the National People's Congress, China's top legislature.
China's financial derivatives market, one of the largest in the world, requires a law specifically made for its regulation, said Li Zhengqiang, a researcher at the University of International Business and Economics.
China's futures market posted record-setting trading volume and turnover in 2021, which stood at 581.2 trillion yuan (about 90.8 trillion U.S. dollars) and over 7.5 billion lots, respectively, data from the China Futures Association showed.
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