China's first oil futures contract for foreigners to be quota-free

Beijing will not impose any limits on international investment in China’s first crude futures contract for foreign traders, Bloomberg reported, citing a briefing transcript from the State Administration of Foreign Exchange. The Shanghai International Energy Exchange will offer the yuan-denominated crude contract in 2016, part of a broader push by China to gain more clout over oil pricing and promote greater use of its currency. The listing was originally scheduled for this year, but was delayed in November as the exchange sought to finalize rules, conduct mock trading and obtain final approval from the China Securities Regulatory Commission.