China's futures industry has always had a dream: to enhance the international pricing power. Now, this dream has gradually become reality. The landmark event is that the price of TSR 20 futures in Shanghai International Energy Exchange is set for the industry's international trade.

At the beginning of this year, Baosteel Co., Ltd. and Vale, the world's largest iron ore supplier, completed the RMB issuing and cross-border settlement of some imported iron ore under the long-term agreement. This is settled and paid in RMB, but it is still denominated in US dollars. Experts in the industry said that nowadays, in the international trade, the price of TSR 20 futures that is priced in RMB is a major breakthrough and the first time for China’s futures market. At present, the international trade of commodities has formed a pricing model of "future prices + premiums and discounts". In the future, as the market becomes more internationalized, open and transparent "Chinese price" will be increasingly used in global international trade, then China's pricing power will be established.

The price of "Chinese Rubber" bloom in the international market

On October 29th, the representative companies from domestic and abroad in the natural rubber industry chain: Taihua from Thailand, Lianrun from Thailand, Sailun Tire, Senkylin Tire, Yongan Capital and Zheqi Industry, signed the agreement of pricing of TSR 20 in Guangzhou. the futures price of TSR 20 at Shanghai International Energy Exchange will be used as the pricing benchmark in the international and domestic procurement.

"The original intention of the futures market is to allow the prices found in the futures market to achieve pricing at the spot level."Fenghai Wang, general manager of Shanghai Futures Exchange, said that as a domestic specific futures product opened to the world, it is the first time that the price of TSR20 is used in the international trade and domestic trade. This is a milestone that the global natural rubber industry chain uses "Chinese price" as the pricing benchmark, and it is also a landmark achievement of the internationalization of China’s futures market.

Few days ago, Xinghai Fang, vice chairman of China Securities Regulatory Commission, said that China’s futures market has the ability to become an important global pricing center based on 30 years of development. Today, the price of TSR20 futures is priced for international trade, marking a breakthrough in the pricing power of China’s futures market in the global rubber industry.

Since the listing of TSR20 futures on August 12th, 2019, after a year of development, the institutions holdings accounted for 85%, and the institutions trading volume was about 70%, which is the highest among the all products in the futures market. The participation ratio of foreign investors is about 20%, and the market size has surpassed that of similar products on the world futures exchanges.

Ming Chen, chairman of Guangdong Guangken Rubber Group Co., Ltd., told reporters that in the international trade, the industry used Singapore's relevant prices for pricing. This time, Taihua Gum and downstream tire companies signed the agreement of pricing of TSR 20, he realized the important role played by TSR20 futures. "China is building an international pricing center for natural rubber.
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The relevant person in charge of Thailand Lianrun Rubber Co., Ltd. told reporters that China's TSR20 futures displayed the price of "Chinese rubber" in the international market, which will become the pricing benchmark for natural rubber international trade.

Fenghai Wang said that Shanghai Futures Exchange will discuss the launch of international settlements to further enhance the internationalization of TSR20 futures and build a global natural rubber pricing center.


The combination of "bringing in" and "going out"
The internationalization of China's futures market combines 'bringing in' and 'going out'." Yuyue Hu, director of the Securities and Futures Institute of Beijing Technology and Business University, believes that the futures as a "small industry" meets a "big market." The internationalization of China’s futures market is a great breakthrough. Generally speaking, from the current trend of declining globalization, it has opened a window of time for the establishment of a regional pricing center and also provided a good opportunity for RMB to participate in the pricing of commodities.

At present, a number of competitive and influential companies have emerged in China. Their production and operation are deeply integrated with the global industrial chain and supply chain, and they will continue to improve their ability in the process of mutual promotion in the international and domestic. The futures industry must accelerate to adapt to the needs of a high-level open economic system, prepare for the combination of local cultivation and international expansion, and provide entity enterprises with a more complete chain, higher quality, and more diversified risk management services.

In terms of "bringing in", there are five futures products that are open to foreign investors in China; the foreign equity ratio restrictions of securities and futures institutions are fully liberalized ahead of schedule. The convenience of foreign investment in China's futures market has continued to improve as well as the level of participation has continued to increased. Xinghai Fang said that as long as it is a conditional futures product, it must promote internationalization and exert its international influence commensurate with China's international status. "At the same time, we will strengthen supervision and create a stable and vibrant capital market in an open environment. We are confident in this," Xinghai Fang said.

中国期货业一直有一个梦想：提升国际定价权。如今，这个梦想开始逐步走进现实。标志性事件是上海国际能源交易中心的20号胶期货价格为行业国际贸易定价。

今年年初，宝钢股份与世界最大铁矿石供应商巴西淡水河谷（Vale）完成了长协项下部分进口铁矿石的人民币开证跨境结算。这是用人民币结算支付，但还是以美元计价。业内专家表示，如今在国际贸易中，用以人民币计价的20号胶期货价格为贸易定价基准，是一个重大突破，也是我国期市第一次。当下，大宗商品的国际贸易已形成“期货价格 + 升贴水”的定价模式，将来随着国际化的公开、透明的“中国价格”在全球国际贸易中越来越多的运用，那么中国定价权就算确立了。

“中国橡胶”价格绽放国际光彩

10月29日，来自天然橡胶产业链国内外的代表企业：泰国泰华树胶、泰国联润橡胶、赛轮轮胎、森麒麟轮胎、永安资本和浙期实业，在广州签署了20号胶贸易定价期现合作备忘录，在20号胶的国际国内采购与供应中，采用上海国际能源交易中心20号胶期货价格作为定价基准。

“期货市场的初心，是要让期货市场发现的价格在现货层面实现定价作用。”上海期货交易所总经理王凤海表示，作为我国对外开放的境内特定期货品种，20号胶期货价格首次同时运用于国际贸易和国内贸易定价，是涵盖全球天然橡胶产业链以“中国价格”作为定价基准的重大事件，也是我国期货市场实现国际化的一个标志性成果。

就在不久前，证监会副主席方星海表示，中国期货市场在30年的发展基础上，已经有能力成为全球重要的定价中心。如今，20号胶期货价格为国际贸易定价，标志着我国期货市场的定价权在全球橡胶业已取得突破。

自2019年8月12日20号胶期货上市以来，经过一年的发展，其法人持仓占比达85%，法人交易量约70%，为期市所有品种中最高的品种。境外投资者参与比例约20%，市场规模已超越世界期货交易所同类品种。

广东省广垦橡胶集团有限公司董事长陈茗告诉记者，之前在跨境贸易中，行业多使用新加坡的相关价格定价。这次泰华树胶与下游轮胎企业签署20号胶贸易定价期现合作备忘录，切身体会到20号胶期货所起到的重要作用，“我国正在打造天然橡胶的国际定价中心。

泰国联润橡胶有限公司相关负责人告诉记者，中国的20号胶期货在国际市场展示以人民币定价的“中国橡胶”价格，会在更广阔的范围成为天然橡胶国际贸易的定价基准。

王凤海表示，上期所将研究推出跨境交收以进一步提升20号胶期货国际化程度，打造全球天然橡胶定价中心。

“引进来”和“走出去”相结合
中国期货市场的国际化“将‘引进来’和‘走出去’结合起来。”北京工商大学证券期货研究所所长胡俞越认为，期货这个“小行业”面临一个“大市场”。我国期货市场国际化意义重大，时不我待。从目前全球化退潮的趋势看，为建立区域性的定价中心打开了时间窗口，也为人民币参与大宗商品定价提供了良机。

当下，我国已经涌现出一批具有国际竞争力、影响力的企业，它们的生产经营与全球产业链供应链深度融合，而且还会在国际国内双循环相互促进的过程中持续深化。期货业必须加快适应高水平开放经济体制需要，做好本土深耕和国际拓展的结合，为实体企业提供更全链条、更高质量、更多元化的风险管理服务。
在“引进来”方面，我国5个期货品种对境外投资者开放；证券期货机构外资股比限制提前全面放开。外资参与中国期货市场的便利性不断提升，参与程度不断深化。方星海表示，只要是有条件的期货品种，都要推进国际化，都要发挥与中国国际地位相称的国际影响力。“与此同时，我们将强化监管，在开放的环境下打造稳健而充满活力的资本市场。对此我们充满信心。”方星海说。