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China tightens rules on state companies’ overseas derivative trading


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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