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China plans new derivatives exchange

The Chinese government has approved a project by five Chinese stock exchanges to set up the country's first financial derivatives exchange in Shanghai.The exchange will be a joint venture between the Shanghai and Shenzhen stock exchanges, the Shanghai futures exchange and the Dalian and Zhengzhou commodity exchanges, each of which will own 20%.According to reports in the Chinese newspaper Economic Observer, Fan Fuchun, vice-chairman of the China Securities Regulatory Commission, will head th