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China will begin trading RMB oil futures on the Shanghai Stock Exchange on March 26, and foreign investors will be able to access the country's commodities market, the Securities Regulatory Commission announced on Friday. China (CSRC)
the contract took China 25 years – the first attempts were made on the domestic market in 1993, but failed, and a year later the auctions ceased
Skeptics object that this will not happen. Even if international traders agree to hold RMB transactions and settlements, they will continue to count the world price of oil in dollars.
In 2017, China surpbaded the United States and became the largest oil importer in the world. barrels per day in a context of high demand and continuing education of a strategic reserve.
The auction will be held at the Shanghai International Energy Exchange, a division of the Shanghai Futures Exchange. The contract will receive the abbreviation INE. The lot size will be 1,000 barrels, the minimum bid will be 0.1 yuan per barrel.
When nickel futures appeared in Shanghai in 2015, their trading volume exceeded nickel benchmark transactions on the LME. ). However, in China, the role of speculative actors is higher than in London or
Initially, fluctuations in yuan prices will be limited to a rather narrow corridor. 4% in any direction of the closing price on the results of the previous trading session.
The technical specifications are very similar to the description of the contract for the Russian Ural oil. Chinese futures imply a sulfur content of 1.5% by weight and a density of 32.0 degrees API
The auction will take place from 9:00 to 11:30 and from 13:30 to 15:00 Beijing time (
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