原创 2018-02-14 翻译荷光 新纪元扬升之光





Global Reset: ChinaOfficially Starts the Dumping of the Petrodollar


全球重置 : 中国正式开始倾销石油美元


On March 26, the petrodollar will begin its funeral march tooblivion as the Shanghai International Energy Exchange allows any Chinese andforeign traders to trade oil in local currencies other than the dollar. This isvery significant considering that China is the world’s largest oil consumer asof last year.


3 26 日,随着上海国际能源交易所允许任何中外贸易商用美元以外的当地货币进行石油交易,石油美元将开始被遗弃。这是意义重大的事件,因为中国是去年全球最大的石油消费国。


A statement from the Shanghai International Energy Exchangesays,




Approved by the China Securities Regulatory Commission(“the CSRC”), the Shanghai International Energy Exchange Co., Ltd., or INE, isan international exchange that is jointly initiated and established by relevantentities including the Shanghai Futures Exchange, and open to global futuresparticipants. As a self-regulated entity, INE discharges its duties pursuant tothe Company Law, the Regulations on the Administration of Futures Trading andrelevant rules and regulations prescribed by the CSRC.




Registered in the China (Shanghai) Pilot Free Trade Zone onNovember 6th, 2013, INE operates the listing, clearing and delivery of energyderivatives including crude oil, natural gas, petrochemicals,etc., formulates business rules, implements self-regulation, publishes marketinformation, and provides technology, venue and facility services.


2013 11 6 日,上期能源注册于中国(上海)自由贸易试验区,经营范围包括组织安排原油、天然气、石化产品等能源类衍生品上市交易、结算和交割,制定业务管理规则,实施自律管理,发布市场信息,提供技术、场所和设施服务。


Based on the principles of “openness, fairness andimpartiality”, INE is devoted to establishing a global trading platform forenergy derivatives that is “internationalized, market-oriented, rules by lawand professionalized” to objectively reflect the energy supply-demandconditions, provide a tool in price discovery, risk managementand asset management for energy producers, distributors, consumers andinvestors, so as to facilitate the optimal allocation of energy resources andpromote the economic development.




Superimposing this in the contextof what China has been doing in the South China Sea, Latin America and in theMiddle East, this means that any deliberate disruption of the market by way ofinstigated conflict, or mere speculative attacks against the INE, will never beallowed.




How China Is About to Shake Upthe Oil Futures Market




China, the world’s biggestoil buyer, is opening a domestic market to trade futures contracts. It’s beenplanning one for years, only to encounter delays. The Shanghai International Energy Exchange, a unit of Shanghai Futures Exchange, will be knownby the acronym INE and will allow Chinese buyers to lock in oil prices and pay inlocal currency. Also, foreign traders will be allowed to invest — a first forChina’s commodities markets — because the exchange is registered in Shanghai’sfree trade zone. There are implications for the U.S. dollar’s well-establishedrole as the global currency of the oil market.


作为世界上最大的石油买家,中国正在开放一个国内市场来交易期货合约。这已经计划好多年了,只是遇到了延迟。上海期货交易所旗下的上海国际能源交易中心的首字缩写为“ INE” ,它将允许在中国的买家锁定石油价格,并以本国货币支付。此外,外国交易商将获准来投资——这是中国大宗商品市场的首次——因为该交易所是在上海自由贸易区注册的。这将对已确立为石油市场全球货币的美元的地位有一定的影响。


When will trading begin?




From March 26. Multiple rounds of testing have been carriedout and all listing requirements met. The push for oil futures gainedimpetus in 2017 when China surpassed the U.S. as the world’s biggest crudeimporter. The Asian nation’s purchases reached a record high last month.


3 26 日开始。已经进行了多轮的测试,所有上市的需求都满足了。中国在 2017 年已超越美国,成为全球最大的原油进口国,推动了石油期货的发展。在上个月,亚洲国家的购买量达到了历史最高水平。


Top Oil Buyer: Chinasurpasses U.S. as world’s biggest crude importer


超级石油买家 : 中国超越美国,成为全球最大原油进口国



Why is this important forChina?




Futures trading would wrest some control over pricing from the maininternational benchmarks, which are based on dollars. Denominating oilcontracts in yuan would promote the use of China’s currency in global trade,one of the country’s key long-term goals. And China would benefit from having abenchmark that reflects the grades of oil that are mostly consumed by localrefineries and differ from those underpinning Western contracts.




How do oil futures work?


石油期货是如何运作的 ?


Futures contracts fixprices today for delivery at a later date. Consumers use them to protectagainst higher prices down the line; speculators use them to bet on whereprices are headed. In 2017, oil futures contracts in New York andLondon outstripped physical trading by a factor of 23. Crude oil is among the most actively traded commodities, with two key benchmarks: West TexasIntermediate, or WTI, which trades on the New York Mercantile Exchange, andBrent crude, which trades on ICE Futures Europe in London.


 期货合约将在今天确定价格,以供日后交割。消费者使用这些产品来防止价格上涨 ; 投机者利用他们来押注价格的走向。在 2017 年,纽约和伦敦的石油期货合约超过了现货交易的 23 倍。原油是交投最活跃的大宗商品之一,有两个关键指标 : 西德克萨斯中质原油,即纽约商品交易所交易的西德克萨斯中质原油,以及在伦敦 ICE 欧洲期货交易所交易的布伦特原油。





上海国际能源交易中的网页: http://www.ine.cn/






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