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The recent surge that took place in China's futures market was not generated by an influx of capital from the stock market, said a spokesman from the China Futures Association (CFA) on Monday, responding to a market rumor.
According to the CFA's investigation, only seven billion to eight billion yuan (846 million to 967 million billion US dollars)in stock capital was transacted within the futures market, a sum "not likely" to generate such a surge in the futures market, said the spokesman.
"The seven billion to eight billion yuan is equivalent to the capital turnover of several stocks, and its impact on the market is thus negligible," explained the spokesman.
In the first month of 2003, investors witnessed a "rare" boom in the Chinese futures market. CFA statistics show that the total futures transaction was 642.5 billion yuan, a year-on-year increase of 122 percent.
(Xinhua News Agency February 25, 2003)
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