--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar


Hot Links
China Development Gateway
Chinese Embassies

Overseas Future Markets Play 'Key Role' for Firms

A top foreign exchange regulator said Wednesday overseas futures markets have played a key role in helping selected Chinese companies hedge risks, further endorsing the importance of the futures market.

State Administration of Foreign Exchange (SAFE) Deputy Director Ma Delun said such markets have proven to be an effective means for them to circumvent cash market risks and lock in costs since the State launched a pilot program in 2001 to allow some leading domestic firms to trade futures overseas.

"Hedging risks through commodities futures are increasingly demonstrating their indispensable role," he said.

The China Securities Regulatory Commission has already approved 17 state-owned companies to trade on overseas futures markets for hedging purposes.

And it is currently reviewing applications from "a third batch" of Chinese companies, Ma said.

Domestic firms were prohibited from trading on overseas futures markets in the mid-1990s after rampant speculation and irregularities in the industry led to a government-ordered consolidation.

The pilot program was launched by the government in 2001 to allow some domestic firms to re-enter the overseas futures market as trade-related risks grew with China's accession to the World Trade Organization.

The domestic market is currently experiencing a slow recovery, with cotton futures launched recently after a long period of debate.

The licensed firms, mostly leading trade firms, are strictly forbidden from taking part in speculative trading.

Ma pledged Wednesday to enhance the verification of the commodity trade background of licensed firms' futures transactions in order to stop rampant speculation from upsetting the nation's foreign exchange market as in the 1990s.

The commission is revising tentative regulations on the pilot program after more than two years of experience, said Ma.

But analysts warned that such restricted access to international exchanges is inadequate in meeting the rising hedging needs of thousands of Chinese importers and exporters, as well as producers and distributors.

In the grain trade, for example, the government has partly opened its import quotas - 32 percent in corn, 50 percent in rice and 40 percent in agricultural oils - to foreign trade firms in line with its WTO commitments.

But the risky futures business has been made even riskier, according to industry insiders, who said that a dearth of such products on the domestic market means that an increasing number of Chinese companies dealing in grain, oils and metals have already been trading illegally in futures contracts overseas through their foreign partners, or foreign brokerages, to transfer risks.

Only around 10 types of futures contracts are currently being traded on China's three futures exchanges - Shanghai, Dalian in northeast China's Liaoning Province and Zhengzhou in central China's Henan Province. This sharply contrasts with the almost 120 types of futures traded in Chicago.

In another development, Ma underlined the role of qualified foreign institutional investors (QFIIs) in promoting the development of China's capital market and attracting new foreign capital.

Since China sought to usher in more foreign investment with its QFII reform in 2002, 15 foreign institutions have obtained a QFII license, while 12 of them have been granted investment quotas totaling US$1.78 billion.

They have invested 63 percent of their quotas in the local market, with the rest remaining in bank accounts.

(China Daily June 10, 2004)

Cotton Futures Trading Approved
Cotton Futures Receive Initial Approval
Resumption of Fuel Oil Futures Approved
Copper Producer Enters Overseas Futures Market
China's Future Market Set for Revival
Futures Market to Pick up
Futures Sector Opens to Foreigners
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688
主站蜘蛛池模板: 一本一道dvd在线播放器| 日韩精品专区av无码| 成人18视频在线观看| 国产69精品久久久久777| a毛片在线还看免费网站| 日韩精品国产另类专区| 亚洲小说区图片区另类春色| 迷走都市1-3ps免费图片| 在线视频一区二区日韩国产| 久久精品一区二区国产| 热久久国产精品| 国产乱码卡一卡2卡三卡四| 91精品国产网曝事件门| 日批日韩在线观看| 亚洲宅男天堂在线观看无病毒| 用劲好爽快点要喷了视频 | 波多野结衣同性系列698| 国产三级观看久久| 娇喘午夜啪啪五分钟娇喘| 女大学生的沙龙室| 久久久久国产精品免费看| 欧美大香a蕉免费| 制服丝袜一区二区三区| 成年美女黄网站色| 在线黄视频网站| www.日本在线视频| 日本a级片免费看| 久久人人爽人人爽人人av东京热| 欧美成人看片黄a免费看| 再深点灬舒服灬太大了添a| 麻豆亚洲av熟女国产一区二| 国内精品久久久久久久97牛牛| 中国大陆国产高清aⅴ毛片| 日韩精品中文字幕无码专区| 亚洲av无码片vr一区二区三区| 波多野结衣在线免费视频| 你懂的免费在线观看| 色噜噜狠狠色综合中文字幕| 国产精品96久久久久久久| JAPANESE在线播放国产| 成年网址网站在线观看|