In a move which will mark a notable advancement in the direction of establishing China's crude oil futures contract in the later part of 2013, a test run of Shanghai Futures Exchange's international trading platform will be held today, January 8.

According to Li Li, senior analyst at Shanghai-based energy information consultancy ICIS C1 Energy, the international trading platform which is set for a test run is a reflection of the attempts which are being made by Shanghai Futures Exchange for promoting the crude oil futures contract.

Further adding that the international trading platform will chiefly involve trading in foreign currencies and renminbi, Li said that she had been already informed about the test run which, in the opinion of most analysts, is a significant step ahead towards the development of crude oil futures in China.

With the process of establishing crude oil futures in China being in the offing for quite a few years, Li pointed out that the futures exchange, as well as the country's financial markets in general, still continue to be in their early years so far as internationalization is concerned; and also added alongside that the country is making "active moves" to give internalization a noteworthy push.

Meanwhile, noting that "China will become the biggest crude oil buyer after the shale gas revolution in the United States," an unidentified analysts said: "The influence of the exchange will be huge if it is in the world's biggest crude oil buyer and seller."