Yes.

As a specified domestic product, LSFO futures is subject 

to the following provisions of PBOC’s Announcement 

[2015] No. 19:

“II. Domestic crude oil futures transactions shall be 

denominated 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 as the

settlement fund for the clearing of crude oil futures 

transactions until it has been converted 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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