(Corrects headline and 1st paragraph from story on May 11 to show that Qianhai Mercantile Exchange will support futures trading at other Chinese exchanges not develop futures contracts.)
QIANHAI, China, May 11 (Reuters) - The head of Hong Kong Exchanges and Clearing (HKEx) said the bourse’s upcoming commodity platform in mainland China would support futures trading at Chinese exchanges.
“Our strategy is to (first) develop the physical market. Without laying a solid foundation in the physical market, you cannot build a good futures market,” HKEx Chief Executive Officer Charles Li said on Thursday.
He made the comment on a visit to the site of the upcoming platform in Qianhai, just 50 km (30 miles) from Hong Kong, where it hopes to replicate the LME’s success. It remains unclear when the platform will start operating. (Reporting by Melanie Burton; Writing by Joseph Radford; Editing by Christian Schmollinger)