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.
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