China's futures market turnover rises 24%

Turnover on China's futures market reached 171 trillion yuan (27.21 trillion U.S. dollars) in 2012, an increase of 24.44 percent from a year earlier, industry data showed. More than 1.45 billion transactions took place on the country's futures market last year, up 37.6 percent from the previous year, according to latest data from China Futures Association. In December, turnover jumped 81.65 percent year on year to 19.1 trillion yuan. The figure was up 11.06 percent from the previous month, the data showed. Among China's four major futures markets, the China Financial Futures Exchange recorded the greatest turnover in 2012, followed by the Shanghai Futures Exchange, the Dalian Commodity Exchange and the Zhengzhou Commodity Exchange. The China Financial Futures Exchange, which specializes in financial derivatives, saw turnover surge 73.29 percent year on year to 75.8 trillion yuan in 2012, accounting for 44.32 percent of the country's total. Turnover on the Shanghai Futures Exchange edged up 2.63 percent from a year earlier to 44.6 trillion yuan last year, taking up 26.06 percent of the country's total. The market deals in commodities such as copper, rubber and fuel oil. Meanwhile, the Dalian Commodity Exchange, the country's largest futures market for agricultural goods, saw its turnover soar 97.45 percent from a year earlier to 33.3 trillion yuan. The figure accounted for 19.47 percent of the country's total. However, turnover on the Zhengzhou Commodity Exchange plummeted 48.04 percent year on year to 17.3 trillion yuan last year. The exchange deals in agricultural and chemical product futures.