从“影响因素”到“定价力量”

From "Impact Factors" to "Pricing Power"

全球金融危机爆发后,大宗商品市场经历了罕见的大跌,一直作为"影子市场"的中国大宗商品期货价格率先触底,走出独立行情,引领欧美市场。本文经过实证分析认为,由于世界经济格局的改变与中国经济的发展,中国市场对国际大宗商品价格走势的影响,已经从"影响因素"转化为"定价力量"。

After the outbreak of the global financial crisis, the bulk commodity markets have experienced a rare slump. Chinese bulk commodity futures prices, once always regarded as a ＂shadow market＂, take the lead in touching the bottom and stand out alone, leading U.S. and European markets in a new market. Through an empirical analysis, this paper argues that China market has changed from the ＂impact factor＂ into ＂pricing power＂ in its influence upon international commodity price movements due to both the change in world economy pattern and the development of China＇s economy.