日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
World
Home / World / Americas

China’s crude futures to launch this month

By PAUL WELITZKIN in New York | China Daily USA | Updated: 2018-03-21 23:38
Share
Share - WeChat
Technicians at Petro China's Xinjiang Oilfield Company make routine checks of equipment in early February in Karamay, Xinjiang Uygur autonomous region. [Photo by Zhao Ge/Xinhua]

China plans this month to launch its long-awaited crude oil futures contract that will allow the country to further open up its markets, develop China’s own benchmark for oil pricing and potentially expand the use of its currency.

Chinese oil futures contracts will be offered by the Shanghai Futures Exchange through its Shanghai International Energy Exchange March 26. It will be the first crude oil benchmark in Asia, where oil consumption is growing rapidly.

The contracts will compete with two other crude derivatives, US West Texas Intermediate (WTI) and London’s Brent, which are traded mainly on the New York Mercantile Exchange (Nymex) owned by the CME Group and the Intercontinental Exchange.

“The oil futures contracts will allow Chinese investors to lock in oil prices on future dates up to three years and pay in the Chinese currency (yuan). For the first time, foreign investors will be allowed to invest on China’s commodity futures markets. The participation of international investors is fundamental to the success of the China’s oil futures as the vast majority of acceptable grades of oil for physical delivery are produced outside of China,” Jian Yang, research director at the J.P. Morgan Center for Commodities at the University of Colorado Denver business school, said in an email.

Yang said the Chinese oil futures combined with the Belt and Road Initiative should help raise the visibility of the yuan in the global oil market. “It is hard to imagine that the so-called petro-yuan would be able to challenge the US dollar’s dominance in global oil markets as the use of the US dollar in the oil market is an entrenched practice and the US dollar historically is considered a safe-haven currency,” he said.

Stephen Innes, head of Asia trading for OANDA in Singapore, said “this move is all about China stretching their economic clout along with their move to internationalize the yuan”.

“I think the market supports this as an attempt to liberalize and expand mainland economic markets. ... The yuan will continue to evolve as a go-to currency and over time the mainland oil contract should gain greater appeal,” he said.

Yang believes that the launch of crude oil futures will help reduce price volatility and promote better production and planning for gasoline and heating oil supplies in China.

Innes said that “by eliminating the foreign exchange risk of hedging forward contracts in USD (US dollars), it will reduce currency risk. But more importantly, it will undoubtedly provide China with higher weight in pricing crude distributed in Asia.”

Xinhua contributed to this story.

Contact the writer at [email protected].

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 成年黄网站在线观看免费 | jjizz老女人多水喷水 | 成人国产在线观看 | 第三级视频在线观看 | 特级欧美视频aaaaaa | 青青青国产观看免费视频 | 日本无卡无吗在线 | 一区二区三区四区精品 | 成人黄视频在线观看 | 久久久久久国产精品 | 国产精品美女久久久久久免费 | 久操网址 | 99热久久这里只有精品6国产网 | 黄色av免费看| 国产成人小视频 | 日本在线播放一区 | 欧美自拍视频 | 精品欧美一区二区三区 | 夜夜操av | 人人做人人爽人人爱 | 国产三级在线播放 | 日韩深夜福利视频 | 成人免费毛片高清视频 | 私房色播 | 免费国产午夜在线观看 | 日韩福利片 | 青青久久久国产线免观 | 色综合网站在线 | 色狠狠xx | 日韩在线电影 | 老妇激情毛片免费 | 亚洲精品久久久久中文字幕欢迎你 | 欧美片第一页 | 亚洲国产精品久久久 | 国产精品视频网站 | 一级黄片毛片免费看 | 亚洲电影免费观看高清完整版在线观 | 久久99草 | www.av520| 国产亚洲视频免费播放 | 亚洲黄色免费观看 |