“Nickel and lithium carbonate are among 14 futures and options products that will be opened up, the China Securities Regulatory Commission said in a statement on Friday. Exchanges would be urged to make preparations to implement the changes, it said, without providing any start dates.”
“China is the world’s largest buyer of raw materials, but benchmark prices are mainly set in financial centers like London, Singapore and New York. Beijing wants more sway over prices, and the move also dovetails with its goal of burnishing the yuan’s appeal as a global currency.”
“The Shanghai exchange unveiled an internationalization plan last May, which included a proposal to allow overseas investors to post foreign exchange as collateral for yuan-denominated trades. Restrictions on overseas capital are an oft-cited reason for China’s failure to play more of a role in global markets.”