China’s state asset watchdog has tightened its rules on overseas commodities derivatives trading conducted by companies owned by the central government after the nation’s top oil refiner lost almost $700 million in 2018 due to the practice.
Beijing-controlled state-owned enterprises (SOEs) can only use financial and commodities derivatives to hedge risks, and any form of speculative activities are banned, the State-owned Asset Supervision and Administration Commission (SASAC) said in the new rules . . .
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