The first pilot futures market:

ZCE: growth in innovation (40 years of reform and opening up 40 "first")

Newspaper reporter Xu Zhifeng

11 month 2018 years 09 days from 04:24: 138479.xyz: People's daily
 

From the beginning of the first half of this year, the global commodity futures trading volume accounted for 48%, changes in the number marked the rapid development of China's commodity futures market trajectory. Zhengzhou commodity exchange as a pilot unit of China's first futures market, is now one of the 4 futures exchange, the exchange is the only central and Western regions.

After the reform and opening up, China's agricultural production has been greatly developed, the market circulation of agricultural products is increasing, expanding the scope, but also the price spike, buy and sell alternation problem. In order to seek the effective way to solve this problem, the central requirements of exploration in futures trading, the Zhengzhou Mercantile Exchange, which has.

In 1988, Zhengzhou grain and oil futures market research group was established. In July 27, 1990, the State Council agreed to pilot the Zhengzhou grain wholesale market; in October 12th of the same year, as a new exploration and reform Chinese first central grain wholesale market -- the establishment of Chinese Zhengzhou grain wholesale market. In March 1, 1993, the Zhengzhou grain wholesale market on the basis of successful operation, the Henan provincial government decided to set up the Zhengzhou commodity exchange futures trading; in May 28th of that year, the smooth launch of ZCE wheat and corn, soybean and mung bean, sesame 5 varieties.

ZCE chairman Chen Huaping said that since the establishment of ZCE China from reality, learn from advanced international experience, to promote the development of the futures market. ZCE futures trading China Zhengzhou commodity exchange futures trading rules first significant Chinese the first implementation of electronic transactions.

ZCE launched a number of China characteristics of futures price discovery and risk management, provide a tool for the industry, to provide reference for the macro sector price signal. Wheat and mung bean futures listing, opened a new Chinese futures market development; cotton futures market, marking China's futures market entered a new stage of development of PTA standard; futures listing, which realizes the comprehensive restructuring of ZCE futures exchange; methanol futures market, China to fill the gap of hazardous chemicals futures. PTA, methanol and other 6 world unique futures launched, marking the innovation ability.

In November 30th this year, PTA in ZCE futures will officially introduce foreign trader, this is a substantial step towards the internationalization of zce. Chen Huaping said that the future of ZCE will be in three to further promote the internationalization development: a solid opening foundation, two is the positive introduction, the three is to explore "go out".


"People's Daily" (09 November 2018 02 Edition)
(Cao Kun Chang, commissioning editor: Malaysia)

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