China sets margin, trading limit for yuan crude futures contract
The Shanghai International Energy Exchange, or INE, says it has set margins for China’s crude oil futures at 7 percent of contract value.
INE said the up-down trading limits for the crude oil futures would be set at 5 percent, although with the allowed range on launch day to be 10 percent either way.
INE set transaction fees for crude futures at 20 yuan ($3.16) per lot of 1,000 barrels.
China will launch its crude futures contract on March 26.
Currency conversion rates are to be based on the yuan to dollar exchange mid-point from the day before.
Source: Reuters (Reporting by Meng Meng and Josephine Mason; Editing by Tom Hogue)