China won’t impose capital limits on its planned crude futures contract for foreign traders, according to the country’s currency regulator. “Foreign investors won’t have any type of quota or size restrictions,” said Guo Song, an official with State Administration of Foreign Exchange, according to a transcript of a briefing on Thursday. China is offering the yuan-denominated crude contract in Shanghai, which will be the nation’s first commodity futures available to foreign investors, to gain more clout over oil pricing and promote greater use of its currency. The move also highlights efforts by the country to loosen capital-account controls, including deregulation to facilitate cross-border capital flows and enabling companies to directly obtain cheaper offshore funds. “China’s 13th five-year plan has said that we’ll gradually realize capital convertibility,” Guo said, referring to the country’s top policy-planning document, which will be publicly released early in 2016. “We’ve made one step further this […]