BEIJING (Reuters) - The Shanghai Futures Exchange (ShFE) released draft proposals on Tuesday to open up domestic futures trading to overseas investors for a wide range of commodities as part of an effort to help internationalise the renminbi.

China is the world's largest consumer of industrial metals by far, but much of the trade is priced by overseas benchmarks. ShFE has long been working on plans to build its global presence and challenge the dominance of the rival London Metal Exchange.

The 34 different proposals, which stretch from options trading and hedging to tin futures, aim to "fully introduce overseas participants" and help internationalise the renminbi, the exchange said.

"This announcement is basically a constitutional change for the entire ShFE opening up," said Tiger Shi, CEO of broker BANDS Financial. "Access for foreign investors to all the ShFE products is on a fast track from now on."

Draft rule changes covering futures for 18 products including alumina, nickel and copper cathodes, are available for public comment until June 4.