According to the statistics of China Gold Association, in the first 65,438+00 months of 2065,438+02, China's gold output was 322.78 tons, up 65,438+065,438+0% year-on-year. From 2007, China's gold output surpassed South Africa for the first time to 20 1 1, and China has been the first gold producer in the world for five consecutive years. The China Gold Association predicts that China will remain the first gold producer in the world in 20 12 years. At the same time, China's gold mining industry and jewelry processing and sales industry are also developing rapidly, and the consumption of gold and jewelry ranks second in the world. The Ministry of Industry and Information Technology expects. In 20 15 years, China's gold consumption will exceed 1000 tons.
With the growth of gold production and consumption, the gold trading market in China has developed rapidly in recent ten years, especially the spot gold trading in Shanghai Gold Exchange and the gold futures trading in Shanghai Futures Exchange. Only 20 1 1, the turnover of various gold products in Shanghai Gold Exchange was 7438.463 tons, up 23.03% year-on-year; The turnover was * * * 24,772,438+06.8 billion yuan, a year-on-year increase of 53.45%. The number of gold futures contracts on Shanghai Futures Exchange was 14443520 lots, up112.59% year-on-year; The turnover was * * * 509,760.79 billion yuan, a year-on-year increase of 178.68%.
Nevertheless, there is no Shanghai among the seven gold trading centers in the world. At present, the global gold market is represented by London and Zurich in Europe. Asia is mainly represented by Hong Kong; North America is mainly represented by new york, Chicago and Winnipeg.
Shanghai is struggling to catch up.
At present, dollar gold forward is the most important trading variety in the international gold market. London's gold trading market is the largest in the world. In 2009, the trading volume was 1.6 million tons, which was 1.6 times that of China's gold market. Its main product is gold forward. Pan, general manager of ANZ Global Financial Market Department in China, said that the pricing model of gold forward is an interest rate parity model composed of gold price, US dollar interest rate and gold leasing rate, so the price of gold forward links the spot gold market, US dollar interest rate market and gold leasing market. In 2004, Governor Zhou Xiaochuan of the People's Bank of China proposed three major changes in the gold market, one of which was the change from commodity market trading to financial market trading. "Referring to international experience, the forward trading of RMB and gold is the main tool to achieve this goal."
20 10 RMB gold forward products are not listed and traded. Therefore, ANZ decided to develop RMB gold forward products according to customer demand and referring to international experience.
Pan said that when ANZ and China developed RMB gold forward products, they drew lessons from the long-term characteristics of US dollar gold in the international market, such as quota trading between the two sides, and at the same time considered the actual situation and laws and regulations of the China gold market, making the product features obvious: RMB quotation; The spot gold of the gold exchange is the target; Can be delivered on the gold exchange; The two sides signed the NAFMII master agreement and the gold forward subsidiary agreement. At the same time, the product pricing refers to the spot gold price, gold futures price, RMB interest rate and other price factors of the gold exchange.
According to the reporter, the product is running well at present. On August 20 10, ANZ of China and a bank conducted the first RMB gold forward transaction on the Shanghai Gold Exchange. At present, ANZ in China has signed legal agreements on RMB gold forward with two financial institutions and five large enterprises. Especially for gold ornaments production and sales enterprises, RMB gold forward trading has become their main hedging tool. The product runs smoothly, without compliance or customer legal disputes.
Australia, New Zealand and China are not only the main advocates of RMB gold forward trading in China gold market, but also the main market makers. China ANZ has held many meetings with the People's Bank of China and Shanghai Gold Exchange to discuss the establishment of RMB gold forward market, and provided experience and information. In addition, ANZ and China account for a large proportion of the whole market. According to the 2065438+August 2002 forward trading volume of RMB and gold published by Shanghai Headquarters of China People's Bank, ANZ and China accounted for more than 80% of the trading volume.
The forward trading of RMB gold in ANZ and China has been recognized by the industry. On August 20 10, ANZ China and another bank conducted the first RMB gold forward transaction registered by the Shanghai Gold Exchange, which was listed in the memorabilia of 20 10 by the People's Bank of China, China Gold Association, Gold Exchange and the China Gold Market Report compiled in the last issue.
RMB gold forward has a strong application. It is not only the main tool for enterprises to avoid the risk of gold price, but also the key product to realize the transformation of China's gold trading from commodity market to financial market. Under the guidance of the People's Bank of China, the Shanghai Gold Exchange and the Foreign Exchange Trading Center launched the inter-bank gold inquiry transaction at the end of 20 12. At present, the main trading variety is RMB gold spot, and it is planned to launch RMB gold forward on 20 13. "The establishment of this market is of great significance for improving the liquidity of China's gold market, improving the pricing power of gold and building Shanghai International Gold Exchange Center." Pan said: