This is based on the particularity of crude oil futures. First of all, crude oil is more of a strategic futures variety at the national level. If you just play behind closed doors, it is definitely not convincing enough. Therefore, the internationalization of crude oil futures and the introduction of foreign investors are of great significance. At the same time, due to the relatively high capital threshold of crude oil futures, some individual investors are restricted. In order to enhance the liquidity of this variety, it is necessary to introduce foreign capital. At the same time, due to China's foreign exchange control, it is necessary to pledge US dollars into RMB (with a certain pledge discount rate) for trading.

Definition of currency pledge: Currency pledge is the operation of temporarily offsetting the funds in a certain currency (crude oil futures currently only have US dollars) in an investor's fund account to another fund according to the exchange rate.

Formula: source currency amount * exchange rate * currency pledge discount rate = target currency amount.