DALIAN, Aug 3 (Asia Pulse) - The commodities exchange of this coastal cityof northeast China's Liaoning Province has grown into a soybean futurescenter in Asia.Latest statistics show that the Dalian Commodity Exchange clinched a total754.8 billion yuan of trade volume over soybeans in the first half of thisyear, accounting for some three-fourths of the entire domestic soybeanfutures market.In terms of soybean trade, the Dalian Commodity Exchange has jumped to thetop in Asia by overrunning Japan's Tokyo Grain Exchange and ranked secondworldwide, next only to the Chicago Board of Trade (CBOT).According to experts, the Dalian soybean market price is gettingincreasingly authoritative and has even become an important frame ofreference for both domestic and international trading over soybeans.China's futures market, as a result of the country's reform and openingup, has a history of merely a decade and by doubling its regroupingefforts, there are currently three exchanges nationwide, located inDalian, Shanghai and Zhengzhou.Tian Yuan, president of the China Futures Association, believes that thesuccess of the Dalian Commodity Exchange marks also the success of China'smarket economy and financial reform.For the first time early this year, the Chinese central government clearlyput forward the idea of steadily develop the country's futures marketduring the 10th Five Year Plan period (2001-2005).The Chinese government is now taking advantage of the futures market todirect investment, push forward the reform in the grain market and adjustthe agricultural structure, said Tian.With China's entry into the WTO, its soybean market, due to its maturity,will not encounter big problems. However, he said, other grain species,like corn, will be forced into a very tough situation.China produces one-fifth of the world's corn, but its corn prices andtrading are still based on CBOT references.It is learned that relevant Chinese departments are now considering thelisting of corn trading on the futures exchange.Expert here predict that if Dalian Commodities Exchange opens new businesson other grain species like corn, it will soon grow into Asia's leadinggrain futures market and the World's second largest next only to CBOT.