When will China crude oil futures contract trade start?
China crude oil futures contract trading is expected to start on June 65438+1October 65438+August. The crude oil futures trading system has been tested many times to meet all online use requirements. It is reported that the crude oil futures trading was approved by China the State Council last year (65438+February), successfully overcoming the last round of regulatory obstacles before listing.
20 17 China surpassed the United States to become the largest crude oil importer in the world, which stimulated the development of China crude oil futures trading.
Futures trading enables the government in power to control major international benchmark prices, which are currently denominated in dollars. Crude oil futures contracts denominated in RMB will promote the use of RMB in global trade, which is one of the key long-term goals set by China.
At the same time, because the benchmark price of crude oil reflects the crude oil grade of local refineries and the difference between the crude oil grade and the western crude oil grade, it will also help China to control the benchmark price of crude oil.
Generally speaking, the introduction of crude oil futures in China is of great significance. Domestic crude oil giants, including PetroChina, have futures varieties that can hedge the risk of falling prices, so speculators and institutions can bet on the long-term prospects and short-term fluctuations of the energy industry more conveniently. At the same time, the introduction of crude oil futures also paved the way for promoting the settlement of crude oil in RMB in the future.
Futures contracts are the commodity prices for future delivery determined today. Consumers use them to protect themselves from the risk of future price increases; Speculators use them to bet on future price trends.
Crude oil is one of the most actively traded commodities, and there are two key benchmarks in the world: West Texas Intermediate (WTI) traded in the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange.
One reason is that the price of crude oil is at a low level. In 20 12, when the price of crude oil exceeded 100 USD/barrel, China proposed to conduct crude oil futures trading. However, in 20 17, the average price of crude oil only exceeded $50/barrel. All the way forward, the hand cost is extremely low.