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China's fourth futures opened to foreign traders, No. 20 rubber futures, were listed on INE

Fang submitted 2019-08-13 16:09:23

At 9 a.m. on August 12, following crude oil, iron ore and PTA futures, China's fourth futures opened to foreign traders, No. 20 rubber futures, were listed on INE. Fang Xinghai, vice chairman of CSRC, said at the listing ceremony that this is another important measure to expand the opening of China's commodity futures market and promote the construction of INE.

INE, a subsidiary of Shanghai Futures Exchange, adopts the listing mode of "international platform, net price trading, bonded delivery and RMB pricing" to list No. 20 rubber futures. This is also the second international product listed by INE. No. 20 rubber futures will help enterprises in relevant industrial chains to lock in costs, manage risks and promote the development of rubber industry. At present, the trading scale of Shanghai rubber market has leaped to the top of the world. After the listing of No. 20 rubber futures, the pricing influence of China in the global rubber market will be further enhanced.

The use of No. 20 rubber is the symbol of tire industry technology

No. 20 rubber is one of the main varieties of natural rubber. Natural rubber is widely used because of its excellent resilience, insulation, water resistance and plasticity. Tires, hoses, belts and shoes are the main downstream using of natural rubber.

No. 20 rubber is the main basic raw material of tire industry. In recent years, with the vigorous development of automobile industry, China has become the world's largest tire manufacturer, the rubber industry structure has undergone important changes, No.20 rubber has become the most representative of the global natural rubber industry.

About 70% of the world's natural rubber is used for tire manufacturing, 10% for rubber hose belts, 10% for shoes, and 10% for other rubber products. About 80% of the natural rubber used in tires is No. 20 rubber, which shows its importance. It can be said that the use of No. 20 rubber has become the main symbol of the technical and technological level of a country's tire industry.

For a long time, from the global point of view, the rubber planting area and production in Southeast Asia are far ahead, forming a pattern of dominant rubber supply. The geographical and climatic environment suitable for rubber planting in China is limited, mainly concentrated in Hainan, southern Yunnan, Guangdong and other minority areas, with limited production. China's natural rubber industry mainly uses rubber garden latex as raw material to produce various standard rubber with SCR WF rubber (full latex) as the leading product. The production of No. 20 rubber is relatively small and its scale is relatively low. Some private enterprises also participate in the processing and production of natural rubber. China's natural rubber consumption mainly depends on imports.

In 2000, China's rubber import trade began to accelerate after joining WTO. After 2008, China has gradually emerged as one of the global rubber trade centers. In 2018, China will continue to lead the growth of global rubber consumption. China imported 5.66 million tons of natural rubber, accounting for 40% of global consumption in that year. China imports No.20 rubber mainly from Thailand, Malaysia and Indonesia, which account for 80% of China's No.20 rubber imports.

In 2018, the annual production of No. 20 rubber in the world exceeded 8.7 million tons, of which Thailand, Indonesia and Malaysia were the main producers of No. 20 rubber, and the output of the three countries accounted for about 70% of the world's total. From the perspective of the three major domestic producers, the rubber industry of No. 20 presents a full competition pattern in varying degrees. In 2018, the global consumption of No. 20 rubber was nearly 8.3 million tons, and the consumption of No. 20 rubber in China accounted for about 50% of the total consumption. Five countries (regions) in China, Europe, India, East Asia and the United States account for 83% of total consumption.

The spot trade flows of No. 20 rubber mainly from Thailand, Malaysia, Indonesia and other Southeast Asian countries to China's coastal areas, some of which are made into tires for re-export, and the other part is scattered from coastal areas to inland areas. Qingdao, Shanghai, Hangzhou, Ningbo, Tianjin and Nanjing are the main ports for the import of natural rubber and No. 20 rubber.


No. 20 rubber futures service "one belt and one road"

Why did No. 20 rubber futures become the second international product listed on INE after crude oil futures? No. 20 rubber is an important raw material product of bilateral trade between China and Thailand, Indonesia and Malaysia. Fang Xinghai said that under this background, listing No. 20 rubber futures and introducing foreign traders into the market at the outset is a logical thing. This is of great significance for carrying out the "one belt and one road" initiative, enhancing the pricing influence of China in the global natural rubber market, and serving the upstream and downstream industries of the industrial chain. He hoped that SHFE will intensify the cultivation of domestic and foreign markets, make No. 20 rubber futures become the "vane" of pricing in the international rubber market as soon as possible, and promote the structural reform of the supply side of China's rubber industry.

Previously, there were natural rubber futures in the SHFE. After more than 20 years' development, the natural rubber futures market has been actively traded, the volume and the position of the futures market have increased rapidly, the influence of the futures market price has been continuously strengthened, and the variety function has played a good role. It has become the main reference basis for the pricing of domestic spot markets such as full latex, latex and so on. Its steady and successful operation provides an effective reference for No.20 rubber listing.

The natural rubber futures of SHFE focused on reflecting the supply and demand relationship in the domestic natural rubber market, while the No. 20 rubber futures mainly reflected the supply and demand relationship of natural rubber in the global scope. They complement each other and combine organically, and can develop synergistically.

Jiang Yan, chairman of Shanghai Futures Exchange, said in an interview with the Economic Daily that, based on the huge market scale of natural rubber in China, listing No. 20 rubber futures is conducive to building the pricing system of the global natural rubber market, serving the development of China's rubber industry and helping China move from a big tire manufacturing country to a powerful tire manufacturing country. Serving the "going out" of China's rubber enterprises is also conducive to the opening up of China's futures market and further expanding the influence of China's natural rubber futures market. This is a powerful measure to serve the country's "one belt and one road" initiative.

How does No. 20 rubber futures serve the economy?

Over the past decade, China's leading natural rubber enterprises have invested in natural rubber planting and processing industries in Thailand, Malaysia, Indonesia, Vietnam, Cambodia, Myanmar and Laos in Southeast Asia, and Ivory Coast and Cameroon in Africa. It is estimated that the natural rubber resources it participates in overseas operations are 2.5 times of domestic resources. At the same time, in order to overcome the shortage of natural rubber resources in China, some tire enterprises have established many rubber plantations and tire processing plants abroad.

With the acceleration of the pace of "going out" of the leading natural rubber enterprises in China and the increase of rubber resources operated overseas, No. 20 rubber, as the main product of its overseas production and use, is facing increasing price risk exposure and operational risk. From 2010 to 2018, the highest price of No. 20 rubber reached 38205 yuan/ton and the lowest price reached 7185 yuan/ton, with an average annual fluctuation of 48%. No. 20 rubber futures can provide price risk management tools for rubber industry chain enterprises, help enterprises lock in costs, keep profits, and improve the competitiveness of natural rubber industry in China. Zheng Wenrong, full-time vice president of China Natural Rubber Association, said that the listing of No. 20 rubber futures has injected new energy into the internationalization of China's natural rubber market.

Natural rubber market is a highly internationalized market. Its trade is open and its flow is multilateral. We establish an international rubber futures market, which can more accurately reflect the real situation of the spot market of No. 20 rubber. At present, the external dependence of natural rubber in China exceeds 80%, and China is the largest buyer in the natural rubber market. With the participation of foreign traders, the market price will become the "thermometer" of the industrial chain, accurately reflect the supply and demand situation of No. 20 rubber market, improve the price formation mechanism, effectively enhance China's influence in the international natural rubber market, and promote the futures market function.

No. 20 rubber futures trading is valued and settled in RMB. Foreign traders and foreign brokers may use RMB or US dollar as a deposit directly, but US dollar deposit can be used for settlement only after currency exchange settlement.

Under the background of the state's support for cross-border RMB settlement, the import declaration of spot goods can use RMB-denominated documents. No. 20 rubber futures are denominated and settled in RMB, which will not affect their import declaration. No. 20 rubber futures duplicate the relevant policies of crude oil futures, including the Ministry of Finance, the State Administration of Taxation, the People's Bank of China, the State Administration of Foreign Exchange, the General Administration of Customs and other relevant ministries and commissions on the participation of foreign investors in the corresponding VAT, foreign exchange management, cross-border settlement business, enterprise income tax and personal income tax, futures delivery policies such as customs supervision on bonded delivery of goods. Assets such as foreign exchange funds and standard warehouse receipts can be used as margins.

Opening up to Promote Reform and Opening up Commodity Futures Market

Since this year, new products have been introduced frequently in China's futures market. Maize, cotton, natural rubber options and jujube and urea futures have been listed. Nowadays, No. 20 rubber was born as an international variety, and japonica rice futures will soon be on the market.

Industry insiders said that the development of the futures market has entered the fast lane, and the opening of the commodity futures market has accelerated. In addition to continuing to expand the variety opening, the CRSC has also put forward corresponding measures to optimize the system of investor appropriateness, improve the process of opening accounts, improve market efficiency, strengthen market supervision under the opening up and improve market legal system, so as to further optimize the open environment of commodity futures market and stabilize the participation of foreign investors.

The opening up of commodity futures market will be deeper and wider. Fang Xinghai, vice chairman of the Securities Regulatory Commission, said that we should steadily expand the scope of specific products, study and promote the listing of more commodity futures and commodity options as specific products to enhance the international influence of China's commodity prices, and provide price reference and risk management tools for Chinese enterprises' cross-border operations. We will also explore a variety of open modes, explore diversified open paths, optimize rules and systems, further reduce the institutional transaction costs of foreign investors, enhance cross-border regulatory capacity, dare to participate in international competition, increase international market promotion, and further enhance the participation of foreign investors.

"Accelerate the opening up of finance to the outside world, form a win-win situation with the world financial market as soon as possible, tie up the common interest ties, and resolutely defeat the attempts of preventing the development of our country. In addition, we should promote the internationalization of the RMB through opening up the financial market and deal with the threat of international monetary hegemony. Commodity futures markets can do something in both ways. Fang Xinghai said.


8月12日上午9点,继原油、铁矿石、PTA期货之后,我国第四个对外开放期货品种,20号胶期货在上海期货交易所国际能源交易中心挂牌交易。证监会副主席方星海在上市仪式上表示,这是我国商品期货市场扩大对外开放、推进上海国际金融中心建设的又一重要举措。

上海期货交易所子公司上海国际能源交易中心采用“国际平台、净价交易、保税交割、人民币计价”的原油期货上市模式,推出20号胶期货。这也是上海国际能源交易中心上市的第2个国际化品种。20号胶期货将助力相关产业链企业锁定成本、守住风险,促进橡胶工业的发展。目前,上海胶市交易规模已跃居全球之首,20号胶期货上市以后,将进一步增强我国在全球橡胶市场的定价影响力。

20号胶的使用是轮胎工业技术的标志

20号胶是天然橡胶的主流品种之一。天然橡胶具有优良的回弹性、绝缘性、隔水性及可塑性等特性,具有广泛用途。轮胎、胶管、胶带、鞋材是天然橡胶主要的下游应用领域。

20号胶是轮胎产业的主要基础原料。近年来,随着汽车工业的蓬勃发展,我国已成为全球第一大轮胎制造国,橡胶产业结构发生了重要变化,20号胶成为全球天然橡胶产业最具代表性的品种。

全球约70%的天然橡胶用于轮胎制造,10%用于橡胶管带,10%用于鞋材,10%用于其他橡胶制品。而轮胎所使用的天然橡胶中约80%为20号胶,其重要性可见一斑。可以说,20号胶的使用已成为一个国家轮胎工业技术与工艺水平的主要标志。

长期以来,从全球来看,东南亚地区橡胶种植面积和产量遥遥领先,形成了东南亚主导橡胶供应的格局。我国适合种植橡胶的地理气候环境有限,主要集中在海南、云南南部、广东等少数地区,产量有限。我国天然橡胶工主要以胶园胶乳为原料,生产以SCR WF胶(全乳胶)为主导产品的各种标准橡胶,20号胶产量较小,规模化程度相对较低,部分民营企业亦参与天然橡胶的加工生产。我国天然橡胶消费主要依赖于进口。

2000年,加入WTO后,我国橡胶进口贸易开始加速。2008年后,中国逐步崛起为全球橡胶贸易中心之一。2018年,我国继续引领全球橡胶消费的增长。我国进口天然橡胶566万吨,占当年全球消费量的40%。我国进口的20号胶主要来自泰国、马来西亚和印度尼西亚,三国占我国20号胶进口量的80%。

2018年,全球20号胶年产量逾870万吨,其中泰国、印度尼西亚和马来西亚是20号胶的主产国,三国产量约占全球的70%。从三大主产国内部来看,20号胶产业呈现不同程度的充分竞争格局。2018年,全球20号胶消费近830万吨,我国20号胶消费量约占总消费量的50%。中国、欧洲、印度、东亚和美国的五国(地区)消费量占总消费量的83%。

20号胶的现货贸易流向主要从泰国、马来西亚、印度尼西亚等东南亚国家流向我国沿海地区,一部分制成轮胎再出口,另一部分由沿海向内陆分散。青岛、上海、杭州、宁波、天津、南京等为我国天然橡胶和20号胶进口的主要口岸。

20号胶期货服务“一带一路”

为何20号胶期货成为是继原油期货之后在上期能源上市的第二个国际化品种?20号胶是我国与泰国、印度尼西亚、马来西亚等“一带一路”国家双边贸易的重要原材料产品,天然具有国际化属性。方星海表示,在此背景下,上市20号胶期货并一开始就引入境外交易者参与,是一件顺理成章的事,这对践行“一带一路”倡议、提升我国在全球天然橡胶市场的定价影响力、服务产业链上下游企业都具有重要意义。他希望,上期所加大境内外市场培育力度,尽快使20号胶期货成为国际橡胶市场定价的“风向标”、促进我国橡胶产业供给侧结构性改革的“推进器”。

此前,上期所已有天然橡胶期货。天然橡胶期货市场经过20余年的发展,交易活跃,成交量、持仓量快速增长,期货市场价格影响力不断增强,品种功能发挥良好,已成为国内全乳胶、乳胶等国产现货市场定价的主要参考依据;其稳健运行为20号胶期货的成功上市提供了有效的借鉴。

上期所天然橡胶期货侧重于反映国内天然橡胶市场的供求关系,而20号胶期货主要反映全球范围内的天然橡胶供求关系,二者互为补充、有机结合,可协同发展。

上海期货交易所理事长姜岩接受经济日报记者采访表示,基于我国天然橡胶自身庞大的市场规模,上市20号胶期货既有利于构建全球天然橡胶市场的定价体系,服务我国橡胶工业的发展,助力我国从轮胎制造大国迈向制造强国,服务我国天胶企业“走出去”,又有利于推进我国期货市场对外开放,进一步扩大我国天然橡胶期货市场影响力,是服务国家“一带一路”倡议的有力举措。

20号胶期货如何服务实体经济

近十余年,我国天然橡胶龙头企业在东南亚的泰国、马来西亚、印度尼西亚、越南、柬埔寨、缅甸、老挝等,非洲的科特迪瓦、喀麦隆等国家投资天然橡胶种植加工业。据测算,其在海外参与经营的天然橡胶资源已是国内资源的2.5倍。同时,为克服国内天然橡胶资源的短缺,部分轮胎企业也先后到国外建立多个橡胶园和轮胎加工厂。

随着我国天然橡胶产业龙头企业“走出去”步伐的加快、海外经营的橡胶资源的增加,20号胶作为其海外生产、使用的主要品种,其面临的价格风险敞口与经营风险与日俱增。2010至2018年期间,20号胶最高价达38205元/吨,最低价至7185元/吨,年度平均波幅高达48%。20号胶期货,可为橡胶产业链企业提供价格风险管理的工具,帮助企业锁定成本、守住利润,提高我国天然橡胶产业竞争力。中国天然橡胶协会专职副会长郑文荣表示,20号胶期货上市,为我国天然橡胶市场国际化注入了新能量。

天然橡胶市场是一个国际化程度高的市场,其贸易是开放的,贸易流向也是多边的。我们建立一个国际化的20号胶期货市场,可以更准确的反映20号胶现货市场的真实情况。当前我国天然橡胶对外依存度超过80%,在天然橡胶市场上我国是最大买家。全面引入境外交易者参与,市场价格将成为产业链的“温度计”,准确反映20号胶市场的供需状况,完善价格形成机制,有效提升我国在国际天然橡胶市场的影响力,促进期货市场功能发挥。

20号胶期货交易以人民币计价、结算。境外交易者、境外经纪机构可以使用人民币,也可以直接使用美元作为保证金,但美元保证金结汇后方可用于资金结算。

在国家支持跨境人民币结算的大背景下,现货货物的进口报关可以使用人民币计价的单证。20号胶期货采用人民币计价结算,不会影响其进口报关。20号胶期货复制原油期货相关政策,包括财政部、国家税务总局、中国人民银行、国家外汇管理局、海关总署等相关部委关于境外投资者参与境内特定品种相应的增值税、外汇管理、跨境结算业务、企业所得税和个人所得税、期货保税交割业务海关监管等政策。外汇资金和标准仓单等资产可以作为保证金。

以开放促改革,商品期货市场加大开放

今年以来,我国期货市场新产品频频推出,已上市玉米、棉花、天然橡胶期权和红枣、尿素期货。如今20号胶一出生就是国际化品种,粳米期货也即将登场。

业内人士表示,期货市场发展进入快车道,商品期货市场对外开放加速。除继续扩大品种开放外,证监会还从优化投资者适当性制度、改进开户流程、提高市场效率、加强开放下的市场监管和健全市场法制等方面推出了相应的措施,使得商品期货市场对外开放环境进一步优化,境外投资者参与度稳步提高。

以开放促改革,商品期货市场的对外开放将更具深度和广度。证监会副主席方星海表示,要稳步扩大特定品种范围,研究推动将更多的商品期货和商品期权列为特定品种,提升我国商品价格的国际影响力,为我国企业跨境经营提供价格参考和风险管理工具。还将探索多种开放模式,开拓多元化的开放路径;优化规则制度,进一步降低境外投资者的制度性交易成本;提升跨境监管能力,勇于参加国际竞争,加大国际市场推介力度,进一步提升境外投资者参与度。

“加快扩大金融对外开放,尽快与世界金融市场形成“你中有我、我中有你”的互利共赢格局,绑紧共同利益纽带,坚决击败国际上有人阻止我国发展的企图。此外我们还要通过金融市场开放来促进人民币的国际化,应对好国际货币霸权主义的威胁。商品期货市场在这两方面都可以有所作为。”方星海说。(责任编辑:张雪)


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