LOC10:26
07:26 GMT
TOKYO, March 26 (KUNA) -- China on Monday launched trading of the yuan-denominated crude oil futures contracts, the first futures listed on China's mainland to overseas investors, state-run Xinhua News Agency reported.
The listed futures, operated at the Shanghai International Energy Exchange, are contracts to be delivered from September this year to March 2019, according to the report. The benchmark prices of 15 contracts were set at CNY 416 (USD 65.8), CNY 388 (USD 61.4) and CNY 375 (USD 59.3) per barrel, varied by delivery dates.
Trading margins for the futures are set at seven percent of the contract value, the report said. The upward and downward trading limits are at five percent, with the trading limits on the first trading day set at 10 percent of the benchmark prices.
Overseas investors can invest in the future contracts through various measures. "China is the world's largest importer of crude oil and the introduction of yuan-denominated crude oil futures contract represents a milestone for China's Futures Market," David Martin, Asia Pacific Head of Global Clearing at J.P. Morgan, was quoted as saying. (end)
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