CHINA'S first futures exchange celebrates its fifth anniversary next week, planning to launch wheat futures in a bid to recoup lost ground in the race among exchanges to expand.
China Zhengzhou Commodity Exchange, which opened under the name of Zhengzhou Grain Wholesale Market on October 12, 1990, has fallen behind the more aggressive exchanges which have opted for fast-track expansion.
Its turnover has fallen sharply since May after a clampdown by central authorities on green bean futures, which accounted for 90 per cent of trading volume.
The exchange is finalising a blueprint to become the country's main exchange for white wheat futures, which now attract lukewarm interest. Even on the best of days, daily turnover of the wheat futures amounts to only several thousand lots, each lot representing 10 tonnes.
The exchange hopes to bring daily turnover to 50,000 lots by early next year.
China Zhengzhou is one of 15 approved exchanges.