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Crude oil ** enters the sprint stage
The article discusses the progress and challenges in China's crude oil market, emphasizing its international nature and the innovative steps being taken to establish a robust trading platform. "Due to the global characteristics of the crude oil market, its listing involves numerous innovations, breakthroughs, and challenges," said Yang Maijun. "In recent periods, significant efforts have been made, including multi-party demonstrations, improvements to 'international platforms, net price transactions, and bonded delivery' strategies, as well as in-depth analysis of the feasibility of various crude oil listing platforms. We have also strengthened communication with relevant national ministries and oil companies, worked closely with overseas agencies, gathered feedback, enhanced understanding, and ensured the smooth operation of the online international platform."
Comprehensive technical tests were conducted on key operations such as account opening, trading, settlement, risk control, and foreign exchange transactions for both domestic and international investors. These efforts aim to continuously refine the process and optimize the system. With China's growing dependence on foreign oil—reaching 56.4% in 2012 and expected to rise further in 2013—the financial aspect of oil has become more prominent. Non-commercial factors are increasingly influencing oil prices, leading to greater volatility in international markets.
This year has seen another surge in global oil prices, and the two major benchmark prices have struggled to reflect the fundamentals of the global oil market or meet the needs of emerging markets in the Asia-Pacific region. In response, the National Development and Reform Commission adjusted the refining oil price cycle, removed price caps, and revised related oil types. Once successfully listed, crude oil is expected to become a key benchmark for pricing in the Asia-Pacific and global markets.
Jiang Yang, vice director of the China Securities Regulatory Commission, highlighted that the commission will continue to advance the crude oil market and actively promote the listing of bulk commodities like thermal coal, asphalt, and iron ore. Preparations for new product listings, along with research into options and commodity indices, are also underway.
Additionally, the Shanghai ** Exchange is focusing on innovation and development to expand existing products and attract foreign investors. It is prioritizing mature products such as natural rubber and non-ferrous metals to improve liquidity and better serve the hedging needs of enterprises. Throughout the year, the exchange plans to revise and enhance contracts for lead, fuel oil, and other products.