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According to market sources and media reports, China is in mid of preparation to launch new oil futures contract on Shanghai International Energy Exchange INE by second half of July 2017, adding a brand new contract to global benchmarks.

Sources familiar with the matter said that the INE is now open for participant registration and there are approximate 175 applications have been approved. China has been postponing this plan since 2015 as official wants stricter regulations to prevent high volatility on the equity.