China has launched its first crude oil futures contract on the Shanghai International Energy Exchange. It is China's first contract allowing international participation. Matters including trading, settlement, risk control and dispute resolutions have been researched and regulated. A total of 15 contracts are listed today. China is the second biggest oil consumer in the world. The launch of the yuan-denominated futures is expected to allow China to develop its own benchmark for oil pricing, and potentially expand the use of its currency. The launch was delayed several times. Officials said it was because they wanted to ensure that all rules were strictly in place for smooth operation.