China approves treasury bond futures

BEIJING, July 5 (Xinhua) -- The China Securities Regulatory Commission (CSRC) announced Friday that the State Council, China's cabinet, has authorized the China Financial Futures Exchange (CFFE) to launch treasury bond futures.

It will take about two months for the CFFE to prepare for the listing of treasury bond futures, a CSRC spokesman said at a press conference on Friday.

The spokesman said the approved futures will serve as a tool for managing the price fluctuations of treasury bonds.

Meanwhile, the launch will deepen the reform of the financial market and boost innovation in the capital market, the CSRC said.

China issued treasury bonds worth 1.39 trillion yuan (224.92 billion U.S. dollars) in 2012, and the outstanding amount of public debts stood at 7.42 trillion yuan, or 14.3 percent of the nation's gross domestic product, at the end of 2012.

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