中国黄金期货的推出和设计研究

Study on the issuance and design of the gold future in China

目前,随着黄金价格的持续上涨以及中国加入WTO后金融市场将与国际市场接轨,推出黄金期货的呼声越来越高。黄金期货的推出将为相关企业提供套期保值的工具,同时也增加了投资者的投资选择。中国金融期货交易所的成立和中国期货市场的规范发展等都为黄金期货的推出创造了条件。在此研究分析的基础上,参考了国际上主要的黄金期货合约,提出了适合中国黄金期货合约的设计方案。

The gold future is discussed currently when the gold price is increasing continuously and China＇s financial market will keep pace with the international market with China joining in WTO.The gold future will not only provide relevant companies with hedging tools,but also afford investing choices for investors.The foundation of China Financial Future Exchange and the development of China＇s future market make the issuance of the gold future feasible.Based on the analysis above and the main gold future contracts from the international market,the authors design a befitting gold future contract in China.