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State firms told to hedge overseas futures trasactions

(Xinhua)
Updated: 2008-10-16 11:46

BEIJING -- China's securities regulatory body has required the 25 state-owned companies licensed to invest in overseas futures markets to hedge their transactions amid market fluctuations.

Jiang Yang, assistant to the chairman of China Securities Regulatory Commission (CSRC), admonished these companies to avoid speculating in overseas futures market as the global financial turmoil added to operational risks.

He said the country's economy is increasingly reliant on imports of raw materials which were priced in reference to overseas futures prices. The hedging would be critical to help companies avoid losses from market fluctuations and secure profits.

He urged the companies to adhere to the principle of hedging for managing risks, improve their internal risk control systems and step up personnel training in relevant businesses.