China waives income tax for foreign investors trading yuan crude futures

China will waive income tax for three years for foreign investors trading the country’s new crude futures contract, the Ministry of Finance said on Tuesday.

The country is doing this in a bid to attract overseas capital for the much anticipated launch.

Foreign brokers will be exempted from paying income tax on commissions they earn from dealing in Shanghai crude futures, the finance ministry said.

China will launch the crude futures contract on March 26.