China launched its first financial futures exchange Friday, with the aim of eventually offering the country's companies a variety of tools to hedge financial risks, The Wall Street Journal reported. "The China Financial Futures Exchange will promote the development of China's capital markets, deepen market reform, and enrich the products offered in the capital markets," said the paper, quoted Fan Fuchun, vice chairman of the China Securities Regulatory Commission, as saying. The futures exchange will ultimately offer other products, including bond index and currency futures. The exchange is jointly owned by China's two stock exchanges, in Shanghai and Shenzhen, and three commodities-futures exchanges, in Shanghai, Dalian and Zhengzhou.