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UPDATE 2-China approves trading of soybean, soyoil options on Dalian exchange

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July 29 (Reuters) - China's securities regulator has approved trading of soybean and soyoil options on the Dalian Commodity Exchange, it said on Friday.

Options trading for the Dalian exchange's soybean contracts and its soyoil contract will begin on Aug. 8, the China Securities Regulatory Commission (CSRC) said in a statement.

This adds to the exchange's existing agriculture products options such as soybean meal, corn and palm olein. The Dalian exchange also has options for other contracts such as iron ore and liquefied petroleum gas.

China is the world's top importer of soybeans and largest consumer of various raw materials.

The country has been gradually increasing its number and variety of commodities derivatives, including opening some to overseas participants, amid efforts to increase its pricing power.

China also has on Shanghai Futures Exchange options for crude oil, copper and aluminium, while its Zhengzhou Commodity Exchange offers cotton, rapeseed meal and thermal coal options.

(Reporting by Emily Chow and Beijing newsroom; editing by David Goodman and Jason Neely)

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