Foreigners can trade in foreign currencies
Print Edition
CHINA will allow foreign investors to trade some commodity futures with foreign currencies as the country seeks to increase its sway on global commodity pricing, authorities said yesterday.
The crude oil futures will be the first contract open for qualified foreign investors, and they will be allowed to transfer foreign and local currencies to special accounts opened at designated banks, the State Administration of Foreign Exchanges said in a statement.
Funds transferred to these accounts cannot be used for other purposes. The commodity futures exchanges, its members and banks related to foreigners’ trading must report to the SAFE the deposit, trading, settlement and other data.
The announcement supports a China Securities Regulatory Commission decision in June to open up some of the domestic futures products for foreign investors with crude oil futures traded on the Shanghai Futures Exchange to be the first available contract.
The crude oil futures contract was approved last December but is yet to start trading. Foreign investors and foreign brokerages can both participate in the trading once the contract is launched.
Analysts have hailed the move as it would introduce more institutional players on the domestic futures market and boost its international recognition.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
