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Crude oil ** enters the sprint stage
In a recent speech, Yang Maijun highlighted the complex and global nature of the crude oil market, emphasizing that its listing involves numerous innovations, breakthroughs, and challenges. Over the past period, significant progress has been made in advancing related initiatives, including multi-party demonstrations, improvements to the "international platform, net price transactions, and bonded delivery" framework. In-depth analyses have been conducted on the feasibility of various crude oil listing platforms, while close communication with national ministries and major oil companies has been maintained. Efforts have also focused on strengthening ties with overseas agencies, gathering feedback, enhancing understanding, and ensuring the smooth operation of the online international platform.
Comprehensive testing has been carried out on key operations such as account opening, trading, settlement, risk control, and foreign exchange transactions for foreign investors participating in the crude oil market. These efforts aim to continuously refine processes and optimize the system. As China's crude oil imports continue to grow rapidly, the country's reliance on foreign oil reached 56.4% in 2012 and is expected to rise further in 2013. The financial characteristics of oil are becoming more pronounced, with non-commercial factors increasingly influencing prices, leading to greater volatility in international oil 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, let alone the needs of emerging markets in the Asia-Pacific region. In response, the National Development and Reform Commission recently shortened the price adjustment cycle for refined oil products, removed the price adjustment cap, and revised the types of associated oils. Once listed, crude oil is expected to gradually become one of the benchmarks for pricing in both the Asia-Pacific region and the global market.
Jiang Yang, vice director of the China Securities Regulatory Commission, emphasized at the forum that this year will see continued efforts to develop the crude oil market and promote the listing of bulk commodities such as thermal coal, asphalt, and iron ore. Preparations for the launch of plastic-related products are also underway, along with research into options and commodity indices. Additionally, the Shanghai ** Exchange will focus on innovation, transformation, and development to expand existing product lines and attract foreign investors. Priority will be given to mature products like natural rubber and non-ferrous metals to improve liquidity and better meet the hedging needs of real-sector enterprises. Within the year, revisions will be made to contracts for lead, fuel oil, and other products to enhance their effectiveness and usability.