China's iron and steel industry has vowed to actively respond to the challenges from the United States and firmly support government counter-measures against US imports.

Yuan-denominated, they are the first of their kind to be open to overseas investors

The Chinese futures market took another step toward internationalization on March 26 with the unveiling of yuan-denominated crude oil futures contracts

The China Iron and Steel Association has urged the Chinese government to take resolute measures against imports of stainless steel, seamless pipes, coal, agricultural products and consumer electronics from the United States to confront trade protectionism.

China on Monday launched trading of the yuan-denominated crude oil futures contracts at the Shanghai International Energy Exchange, which is the first futures listed on China's mainland to overseas investors.