Center

Gold, futures industry curbs relaxed

(Shenzhen Daily/Agencies)
Updated: 2007-03-20 15:49

The central bank statement did not give specific details on the measures.

The central bank pledged to break down the barriers separating Chinese and overseas futures markets.

"The domestic futures market will open to foreign firms engaged in the futures business via joint ventures with domestic futures firms," the statement said.

The few existing joint ventures between foreign firms and domestic brokerages have stalled in their applications to begin trading domestic futures.

Previous regulations also allowed foreign firms access to China's three futures exchanges through their domestic registered companies, but only a handful of firms have actually tried to do so. Most trade instead through large domestic brokerages.

The government will also allow more domestic firms to hedge in overseas futures markets, and permit domestic futures to set up branches inHong Kong, it said.