International market users interested in trading futures in
China have received mixed news. While BP became the first
non-Chinese firm to take membership of Shanghai Futures
Exchange (SHFE), government sources hinted that market users
wishing to follow suit may still be forced to act through
locally registered firms.
According to an official news agency report, non-Chinese
banks may be barred from offering futures custody and
settlement services in the country, with an unnamed official
saying those businesses "fall into the category of futures, and
China did not promise to open its futures market to foreigners
in its WTO [World Trade Organisation] accession".
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