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Did the premium go up or down?
The premium represents the depreciation of the local currency.

Premium refers to the situation that the spot price is higher than the futures price. When the premium appears, it means that the market demand for the commodity exceeds the supply, which leads to the rise of the spot price. If this situation is related to the foreign exchange market, assuming that goods are denominated in foreign currencies, then the emergence of premium means the depreciation of local currency relative to foreign currencies. Because people are willing to pay a higher local currency price to buy the spot, it shows that they think the purchasing power of the local currency is declining, that is, the local currency depreciates.