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RMB clearing transactions "Chinese oil" layout pricing

RMB clearing transactions "Chinese oil" layout pricing

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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RMB clearing transactions "Chinese oil" layout pricing

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
China crude oil futures launch preparations and a big step. Recently, the central bank issued a notice provisions from August 1 onwards, domestic crude oil futures transactions denominated in yuan, settlement; foreign traders, foreign agencies can directly use foreign exchange as a deposit, after the settlement of foreign exchange margin can be used for domestic crude oil futures funds settlement. Expert analysis, the current international commodity markets have reached a critical period of the reconstruction of the rules, the crude oil futures to the yuan to calculate the price, is conducive to improving the power of China's energy market discourse.
International oil market is about to usher in the Chinese price"
For a long time because of the crude oil market can not be priced, China has to refer to the U.S. crude oil futures market pricing and the U. S. dollar for oil trade settlement. Since December of last year, Securities Regulatory Commission approved the Shanghai Futures Exchange in the international energy trading center to carry out crude oil futures trading, the market for crude oil futures can in this year the listing indicates generally expect. The central bank issued a notice, in the industry view, on the one hand that China's crude oil futures is not far off, supporting measures in gradually improve; on the other hand, deeper push crude oil futures in China, it is the eyes "locked" in the fight for the pricing, in the price system to join the "China price".
Currently on the market, the international crude oil, the main two benchmark, futures prices on the New York Stock Exchange and the British London Brent oil prices, two prices are priced in "U. S. dollars / barrel"; this and is commonly used in the mainland Chinese market "yuan / liter," yuan / ton, "the valuation methods vary greatly. Securities and Futures Institute of Beijing Technology and Business University Hu Yu Yue in accepting our newspaper reporter to interview said that the central bank introduced this policy, from a more macroscopic and strategic point of view, the extraordinary significance. He said: now is exactly the need to re pricing of a global commodity, gold, crude oil, iron ore and other commodities are facing a major opportunity to re pricing."
With a barrel of oil in China import prices high
Data show that the current China has become the world's most important oil market buyers. 2014, China's crude oil imports 3.1 tons, an increase of 9.5%. Only in the first half of this year in April and June, China's monthly crude oil imports two times more than the United States, as the largest oil importing country. However, we are following the crude oil price. Also a barrel of oil, the cost of Chinese imports higher than foreign. This lack of bargaining power, so that the Chinese oil companies even in the domestic supply and demand situation and the international situation, the international oil prices can only passively accept the price, resulting in greater losses.
In the China Petroleum and Chemical Industry Association vice president Li Runsheng appears. This is mainly due to lack of Asian area with international influence in the oil futures market and benchmark prices, resulting in lack of discourse power, in the oil price.
Earlier, in the bulk of commodity prices rose sharply in the 'golden ten years', we can not change the rules, to bear a lot of pressure. But in the wake of the financial crisis, including crude oil, almost all commodities were 'cut'. It can be said, at present the international commodity has entered the buyer's market, the recent price diving, oil prices dip can be confirmed. Therefore, this is a reconstruction of the international trade rules, the reconstruction of the pricing system, and even the important opportunity to reconstruct the global financial system." Hu Yuyue said.
China University of petroleum of China oil and Gas Industry Development Research Center Director Dong Xiucheng in an interview analysis said that as the world's major oil consuming countries, our current launched "Chinese oil", just want to through the futures market to form our influence in commodity markets. "This goal and the hope of course is good, but can not be achieved, but also from the next step in the international market feedback to continue to judge." Dong Xiu said.
Accelerate the internationalization of RMB
In addition, the introduction of Chinese oil and the internationalization of the RMB strategy complement each other. Hu Yuyue analysis, today Chinese and the past cannot be mentioned in the same breath. RMB has been the world's fifth largest settlement currency, is incorporated into the special drawing rights (SDR) currency basket is also expected to be the future. So it is important to use RMB as the settlement currency and to establish our influence in the international commodity market.
"The international monetary system should also be multi polarization. China now has the ability to have the strength to occupy a seat in the multi polar international monetary system. Of course this does not rely on the futures market alone and need multi-level market system, the derivatives market system, including the financial market system to collaborative development, and promote the upgrade of our right to speak. " Yuyue thinks, of course, can not be neglected the risk, such as in RMB denominated crude oil futures started may "applaud not draw a large audience", it is likely to be less active.
"The reason is not active, the first is the domestic crude oil market is not fully market-oriented; second is the RMB valuation and settlement has just begun in the international recognition of a lot of countries do not recognize. But we take this step this time, it is very necessary for us to form the China dominated trade rules and the introduction of capital market." Hu Yuyue said.
Dong Xiu Cheng believes that because of our oil market itself in the market is not developed enough, so this time promote "Chinese oil" is to attract external investment forces involved. "A step is very difficult, but the market is more and more, we have the influence of the greater, in addition to attract capital to prove that our economic situation is worth the investment." Dong Xiucheng said.
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