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China Securities Regulatory Commission has approved Shanghai International Energy Exchange (INE) to open Crude Oil futures to overseas traders on Mar. 26th 2018.
A Chinese crude oil futures contract may help create an oil benchmark price capturing the dynamic of China and the AsiaPacific oil market. Thus it will optimize oil resource allocation in this regional market and better serve commerce and the economy. Establishment of the crude oil futures market is one of the key steps taken by China to open up and internationalize its futures market.
China's crude oil futures are made possible by strong support from various agencies under the State Council, including the Ministry of Finance (MOF), State Administration of Taxation (SAT), China Securities Regulatory Commission (CSRC), People's Bank of China (PBC), State Administration of Foreign Exchange (SAFE), and General Administration of Customs (GAC).
The design of China's crude oil futures contract is based on four principles: Creation of an Internationalized Platform, Net (of tax) pricing, Bonded Delivery, and RMB Price Denomination.
China Securities Regulatory Commission has approved Dalian Commodity Exchange (DCE) to open IRON ORE to overseas traders on May .4th 2018. Iron ore became the second Chinese commodity futures product to be offered to global investors after Crude Oil, the energy center of Shanghai. As one of the most important raw materials for steel production, the price change of iron ore has a great impact on the price of steel.
The iron ore futures internationalization refers to the scheme arrangement by introducing the overseas traders and overseas brokers to participate in the iron ore futures trading under the premises of keeping unchanged the currently existing domestic iron ore futures contracts and the basic schemes, to form the new structure of market participation including domestic and overseas clients, by opening up the market to the outside, so as to further
the representativeness of the futures prices internationally.
Iron ore has high degree of internationalization. The introduction of overseas traders in iron ore futures may enrich and perfect the structure of domestic iron ore futures market participants and improve the international representativeness and credibility, to make it reflect the change in the supply and demand relationship in the international iron ore market more objectively and accurately, to provide the global iron ore trading participants a
fairer, more just and transparent price benchmark and risk mitigation tool, and to further expand the depth and breadth in iron ore futures’ serving the real economy.
China Securities Regulatory Commission has approved Zhengzhou Commodity Exchange (ZCE) to open PTA
futures (Pure Terephthalic Acid) to overseas traders on Nov.30th 2018. Purified terephthalic acid (PTA) is
the main raw material for polyethylene terephthalate (PET) and polyester fibers, and is produced by oxidizing paraxylene. Some of the most common uses of PET include food, beverage, and consumer good packaging. Polyester fibers are used mainly in rugs, clothing, furniture and industrial applications, as well as other consumer products.