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Accumulated, RMB crude oil futures finally listed, what did China do behind it?
At 9 am on March 26th, China crude oil futures will be listed and traded in Shanghai International Energy Center (INE). The biggest highlight of China crude oil futures is that it is denominated in RMB and can be converted into gold. This will have an impact on the dominant position of the US dollar in international crude oil trade settlement. Analysts said that such institutional innovation is a great temptation for many traders. They can avoid using dollars and have the right to refuse to accept RMB, which is equivalent to linking RMB to gold in disguise.

In order to support the opening of crude oil and other commodity futures markets, the Ministry of Finance, State Taxation Administration of The People's Republic of China and China Securities Regulatory Commission issued a notice on March 13 to provide tax relief:

The income obtained by overseas institutional investors (including overseas brokerage institutions) from crude oil futures trading in China (excluding the income from physical delivery) is not subject to enterprise income tax for the time being;

Commission income obtained by overseas brokerage institutions in providing crude oil futures brokerage business for overseas investors in China does not belong to domestic labor income and is not subject to enterprise income tax.

From the date when crude oil futures are opened to the outside world, personal income tax will be temporarily exempted for three years on the income obtained by overseas individual investors from investing in crude oil futures in China.

Jacky Jiang, vice chairman of China Securities Regulatory Commission, wrote that China, as the world's largest crude oil importer and the second largest crude oil consumer, introduced crude oil futures mainly for the needs of its real economic development and further reform and opening up. In addition, the listing of China crude oil futures will provide a tool for value hedging for petroleum and petrochemical enterprises and related enterprises, and the whole petroleum industry chain will usher in new development opportunities.