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Crude oil ** enters the sprint stage
The article discusses the progress and challenges in the listing of crude oil futures in China, emphasizing the complexity and international nature of the market. According to Yang Maijun, significant efforts have been made to advance the initiative, including multi-party demonstrations, improvements to the "international platform, net price trading, and bonded delivery" framework. The feasibility of various crude oil listing platforms has been deeply analyzed, while close communication with national ministries and major oil companies has been maintained. Collaboration with overseas agencies has also been strengthened, with a focus on gathering feedback and enhancing understanding to ensure the smooth operation of the online international platform.
Comprehensive technical tests have been conducted for all key operations—account opening, trading, settlement, risk control, and foreign exchange transactions—ensuring that both domestic and international investors are well-prepared. These measures aim to continuously refine the process and optimize the system.
China's crude oil imports have been growing rapidly, with its reliance on foreign sources reaching 56.4% in 2012, expected to rise further in 2013. The financial characteristics of oil have become more pronounced, and non-commercial factors are increasingly influencing global oil prices. This year has seen another surge in international oil prices, and the two main benchmark prices have struggled to reflect the fundamentals of the global market or meet the needs of emerging Asian markets. In response, the National Development and Reform Commission shortened the refining product price adjustment cycle and removed price caps earlier this year.
Once launched, crude oil futures are expected to become a key benchmark in the Asia-Pacific region and the global crude oil market. At the same forum, Jiang Yang, vice director of the China Securities Regulatory Commission, emphasized continued efforts to promote the listing of bulk commodities such as thermal coal, asphalt, and iron ore. Preparations for new product listings and research into options and commodity indices are also underway.
Meanwhile, the Shanghai ** Exchange is focusing on innovation and development to expand existing product lines and attract foreign investors. It will prioritize mature products like natural rubber and non-ferrous metals to enhance market liquidity and better serve the hedging needs of real-sector enterprises. During the year, the exchange plans to revise and improve contracts for lead and fuel oil, among other products.