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China gives regulatory approval for iron ore and thermal coal swaps

China’s central bank has approved the launch of the country’s first iron ore and thermal coal swap contracts giving industry participants more financial tools to hedge against volatile prices.

Two industry sources familiar with the matter said that the two contracts, which will be priced in the local Chinese yuan, will be traded over the counter and cleared by the Shanghai Clearing House.

One of the sources said that “The two contracts will be launched soon and will be rolled out at the same time.

Source – Reuters

(www.nctv.net)

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