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At the 2012 Lujiazui Forum on June 30th, Peng Junpeng, Vice Chief of the Department of Futures Supervision 1 of CSRC showed that national debt futures were under preparation, which were to be examined and approved. He indicated that the specific date for the launch of national debt futures was to be scheduled. However, the release could start whenever the approval is got. Yang Maijun, general manager of Shanghai Futures Exchange said on the same day that it was urgent for China to set up crude oil futures market.
China Financial Futures Exchange (CFFE) launched the emulation trading for national debt futures in this February which characterized the reopening of national debt futures which was absent from Chinese capital market for 17 years. The emulation trading over the four months went smooth and regular. Now the market focus is the formal release time of national debt futures.
Hu Zheng, CFFE vice general manager pointed out at 2012 Lujiazui Forum that all conditions for national debt issuance were ready. CFFE will manage to publish products as soon as possible for the purpose of bond market development in China. CFFE will adjust the minimum price changes of national debt futures according to the emulation trading. Market participants consider that as the reflection of market demand, timely adjustment marks the upcoming of national debt futures.
Still Yang Maijun shows that the crude oil price in international market couldn’t reflect the oil demand and supply in Asia Pacific area. What’s more, the current crude oil price couldn’t demonstrate the oil conditions in China. As oil dependency enhances in China, it is pressing for our country to establish crude oil futures market.
He said that the primary purpose of the founding of crude oil market is to make it serve Chinese entity economy in a better way. Furthermore international participants and domestic demanders should be active in the trading.
Yang Maijun showed that greater steps should be made for the opening up of commodity futures as the international platform was set up. International investors should have access to it. As the market becomes international, technical issues such as investor access, market supervision and trading settlement should be improved. The issue of currency exchange needs to be targeted so that investors home and abroad could easily use the accustomed currency. The pricing and settlement, whether with renminbi or dollars, needs to be easily accessible for investors.
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