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China tightens rules on state companies’ overseas derivative trading

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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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