Tax breaks likely to boost global interest in crude oil futures

China will waive income tax for foreign investors trading the country's new crude oil futures contract for three years so as to attract more overseas capital for the launch, the Ministry of Finance said on Tuesday.

Foreign brokers will also be exempt from paying income tax on commissions from dealing in Shanghai crude oil futures, the finance ministry said.

China will launch the crude oil futures contract at 9 am on March 26 at the Shanghai International Energy Exchange.