Crude oil warehouse: In 2020, affected by comprehensive factors such as COVID-19 epidemic, geopolitics and short-term economic shocks, the international commodity market fluctuated violently. On April 20, 2020, US time, the official settlement price of monthly WTI crude oil in CME was -37.63 USD/barrel, which caused both customers and Chinese banks to lose money, thus triggering the "crude oil treasure" incident. On April 2 1 day, two American crude oil contracts, "US Oil/USD" and "US Oil/RMB", were suspended for one day, and the British crude oil contract was traded normally. On May 4, 2020, the 28th meeting of the State Council Financial Stability and Development Committee specifically proposed that we should attach great importance to some financial product risks caused by current price fluctuations in the international commodity market. On May 5th, Bank of China responded to the customer demand of "Crude Oil Treasure" products: it has conducted research on the customer demand and put forward opinions. Bank of China reserves the right to recourse to relevant external institutions according to law.

The content of this article comes from: The New Encyclopedia of Financial Law (Fifth Edition) edited by China Law Publishing House.