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: 久久精品国产999大香线焦 | 国产视频成人 | 国产午夜精品理论片 | 欧美三级视频 | 欧美精品中文字幕久久二区 | 日韩视频在线一区二区 | 中文字幕精品一区 | 欧美一区视频 | 日韩亚洲欧美中文高清在线 | 日韩欧美一级大片 | 国产一区久久精品 | 一区二区三区免费在线观看 | 在线观看91精品国产入口 | 91欧美激情一区二区三区成人 | 午夜家庭影院 | 亚洲精品男人天堂 | 国产尤物视频 | www.99re14.com | 欧美国产中文字幕 | av在线试看| 6080yy免费毛片一级新视觉 | 日本aⅴ在线 | 人人看人人干 | 欲色av | 色视在线| 国产亚洲精品久久无亚洲 | 五月综合激情婷婷六月色窝 | 欧美精品一区二区三区在线 | 日本精品中文字幕有码 | 久久免费在线视频 | 国产成人99久久亚洲综合精品 | 精品AV综合一区二区三区 | 亚洲精品一区二区三区不 | 伊人导航| 天天干天天色综合 | 一级黄色一级片 | 久久综合色播 | 亚洲成在人线中文字幕 | 国产在线精品成人一区二区三区 | 日本午夜色 | 亚洲一区色 |