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Crude oil ** enters the sprint stage
The article discusses the progress and challenges in China's crude oil market development. Due to the global nature of the crude oil market, its listing involves numerous innovations, breakthroughs, and obstacles. In recent months, significant efforts have been made, including multi-party demonstrations, improvements in the "international platform," net price trading, and bonded delivery systems. Detailed feasibility studies have been conducted on various crude oil listing platforms, while close communication has been maintained with national ministries and major oil companies to foster collaboration. Additionally, interactions with overseas agencies have been strengthened to gather feedback, enhance understanding, and ensure the smooth operation of the online international platform.
Comprehensive tests have been carried out on key operations such as account opening, trading, settlement, risk control, and foreign exchange procedures for foreign investors participating in crude oil trading. These measures aim to continuously refine the process and optimize the system. Yang Maijun, a representative from the relevant authority, emphasized the importance of these steps in advancing the crude oil market.
China’s crude oil imports have been growing rapidly, with foreign dependence reaching 56.4% in 2012 and expected to rise further in 2013. The financial characteristics of oil are becoming more pronounced, and non-commercial factors are increasingly influencing oil prices. As a result, international oil price fluctuations have become more frequent and volatile. This year has seen another surge in global oil prices. Meanwhile, the two major benchmark oil 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 shortened the price adjustment cycle for refined oil products this year, removed the price adjustment limit, and revised the types of oil affected. Once officially listed, crude oil is expected to gradually become a key benchmark for pricing in both the Asia-Pacific region and the global crude oil market.
Jiang Yang, vice director of the China Securities Regulatory Commission, highlighted at the forum that the commission will continue to advance the crude oil market construction and actively promote the listing of bulk commodities such as thermal coal, asphalt, and iron ore. Preparations for the listing of plastic-related products are also underway, along with research into options and commodity indices.
Additionally, the Shanghai ** Exchange will focus on innovation and transformation to expand its existing product lines and attract foreign investors to participate in the ** market. Emphasis will be placed on mature products like natural rubber and non-ferrous metals to improve liquidity and better serve the hedging needs of enterprises. Within the year, contract revisions will be implemented for products such as lead and fuel oil to enhance market efficiency and responsiveness.