Ready for take-off

China's budding derivatives industry is poised to take a great leap forward thanks to a widely anticipated master agreement that will provide a definitive regulatory framework for cross-currency forwards and swaps. Han-Nee Tay reports


China's derivatives market has come a long way in the two years since the government drew up broad regulations for the industry in the first quarter of 2004. The regulators have since been opening up various markets, including resumption of the warrants and bonds forwards market, which had been banned in the mid-1990s due to speculative trading. Among the most significant moves was last August's announcement by the central bank - the People's Bank of China (PBOC) - that it would allow trade in

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