“We must understand the status and role of the commodity market from the perspective of national development strategy, and strengthen and improve the commodity futures market and spot market.” Hu Yuyue, former director of the Securities and Futures Research Institute of Beijing Technology and Business University, told reporters, Our country is a major processing and manufacturing country, and bulk commodities are allocated strategically internationally, generally through trade and investment.

In the past, trade was the main method, and investment was supplementary. Now there is a parallel trend, and the two methods are flexibly applied. "The security system of commodities should be 'resources can be controlled and prices are affordable', and it cannot You don’t have to pursue the lowest price blindly.”

Wang Zhen, director of the CNOOC Energy Economics Research Institute, told reporters that crude oil is the "industrial blood". The expansion of international oil trade volume and the development of its derivatives market have deepened the crude oil commodity market and finance. linkages between markets.

The Federal Reserve’s policies have profoundly affected the international crude oil market from different dimensions, with significant spillover effects. It has been three years since my country launched crude oil futures with "international platform, net price trading, RMB pricing, and bonded delivery", and its system design has withstood the test of practice. Currently, China’s crude oil futures trading volume ranks third in the world.

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Commodity prices have skyrocketed

According to the International Monetary Fund (IMF) commodity price index, from April 2020 to February 2021 In March, all commodity indexes rose by 67%, of which the energy index rose by 172% and the crude oil index rose by 170%.

The main driving force for this round of commodity rally and global inflation expectations comes from the United States. In the past 10 years, the United States has implemented ultra-loose monetary policies, coupled with the impact of the COVID-19 epidemic, resulting in unprecedented stimulus. As the international reserve currency, the US dollar has an inflationary effect.

On the one hand, the "flood" of U.S. dollars has made the world worry about whether inflation will become a major risk to the global economy. On the other hand, the results of global epidemic prevention and control are gradually emerging, the economy is accelerating recovery and demand is returning to new growth. The combination of these supply and demand factors and loose liquidity has triggered an increase in commodity prices.