Yes.

As a specified domestic product, bonded copper futures 

are subject to the following provisions of PBOC’s 

Announcement [2015] No. 19:

“II. Domestic crude oil futures transactions shall be 

priced and settled in RMB….

“IX. A foreign trader or foreign brokerage agency may 

directly use foreign [currency] as the margin, and the 

foreign [currency] margin may not be used for the 

settlement of domestic crude oil futures funds until it 

has been settled [i.e. exchanged into RMB]….

“XIII. This Announcement shall apply, mutatis mutandis, 

to the cross-border settlement of transactions in other 

specified domestic futures products approved by the 

China Securities Regulatory Commission.”

In addition, Article 23 of the INE Clearing Rules

provides that “the clearing currency at INE is RMB; 

subject to the approval of INE, foreign currencies and 

assets with stable value and high liquidity, such as 

standard warrants and treasury bonds, may be used as 

margin collateral”.

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