Shanghai to float oil futures contract in RMB
By Gao Changxin | China Daily | Updated: 2014-03-12 07:22
The Shanghai Futures Exchange is ready to roll out the country's first yuan-denominated crude oil futures, which it hopes will become a benchmark in Asia before gaining global influence.
Yang Maijun, the bourse's chairman, said foreign investors will be allowed to trade in the contract without setting up a local subsidiary.
Similar contracts for non-ferrous metals, precious metals and natural rubber will follow suit.
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