China to price and settle crude oil futures in renminbi
Regulatory roundup: China to price and settle crude oil futures in renminbi; Indonesia prepares for SMEs to list on stock exchange; China lifts oil import rules.
China to price and settle crude oil futures in renminbi
The People’s Bank of China (PBoC) has announced that crude oil futures, which will be traded on the Shanghai Futures Exchange, will be priced and settled in renminbi. International traders will have to open a renminbi account at an approved bank. In the July 24 statement the central bank said foreign currency could be used for margin payments but renminbi must be used to settle the trades.
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