FILE PHOTO: A labourer works at a cold-rolling mill on the outskirts of Wuhan, capital of central China's Hubei province August 22, 2006. REUTERS/Alfred Cheng Jin/File Photo

China is continuing a push to eventually open its commodities markets up to foreign investors, in hopes of influencing prices and promoting the internationalization of the yuan, reports Bloomberg.

“Internationalizing its futures market can boost China’s sway on global prices and help it eventually become a price-setter instead of a price-taker,” Han Qian of Xiamen University was quoted as saying. “It not only fits into China’s strategy to promote global use of the yuan, but also frees domestic producers from foreign exchange risks.”

Plans to attract international investors to certain exchanges were delayed by the market turmoil of 2015, but vice chairman of the China Securities Regulatory Commission Fang Xinghai said last month that he will proactively push for changes to lure more traders and investment.

Owner of the London Metals Exchange, Hong Kong Exchange & Clearings Ltd, said they are preparing a commodities platform to be launched in China, which would be based in Shenzhen, and would target investors looking to hedge exposure. The platform will not be launched until China’s crackdown on financial risk had been completed.