February 7, 2018 / 11:47 AM / 17 days ago

China's Dalian issues draft rules on foreign participation in iron ore trading

BEIJING, Feb 7 (Reuters) -

* China’s Dalian Commodity Exchange has issued a draft revision to its trading regulations to include foreign investors in domestic iron ore futures trading, the bourse said in a statement on Wednesday

* The draft rules would allow foreign investors to trade through Chinese futures agencies or foreign agencies, while the entrusted foreign companies would need to trade iron ore futures through Chinese futures agencies

* The capital threshold for foreign investors and futures agencies would be set at 100,000 yuan ($16,000) or other currencies at equal value

* Foreign currencies will be accepted as trading margin, but only Chinese yuan will be accepted as currency of settlement

* The draft is open for public consultation until Feb. 14

* Last week, the Chinese Securities Regulatory Commission said it would allow foreign participation in iron ore futures trading on the Dalian Exchange, without providing a time frame ($1 = 6.2649 Chinese yuan renminbi) (Reporting by Muyu Xu and Josephine Mason; Editing by Mark Potter)

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