March 12, 2018 / 9:16 AM / 6 months ago

China sets margin, trading limit for yuan crude futures contract

BEIJING, March 12 (Reuters) -

* 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

$1 = 6.3236 Chinese yuan Reporting by Meng Meng and Josephine Mason; Editing by Tom Hogue

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