我国恢复原油期货的相关举措

The Measures for China to Take to Resume Crude Oil Futures

上世纪90年代,我国曾经开展过原油期货实践,但由于当时的条件不成熟,原油期货一度中止。2004年8月燃料油期货在上海期货交易所上市,成为在新的国际国内环境下重新建立我国原油期货市场的切入点和"试验田"。现阶段要恢复原油期货,需要解决国内原油市场的行政管制、法律法规以及涉外监管方面存在的问题。应该逐步取消国内原油现货市场的行政垄断,放开原油期货市场的进入管制,完善原油期货监管,增强自律监管;重新梳理期货领域所有的法律、法规体系,构建新的期货立法模式,尽快制定出台《期货法》;原油期货必须允许境外投资者参与进来,以营造更加激烈的市场竞争环境,为了达到这个目标,可以引入QFII制度加强原油期货涉外监管;从我国实际出发,在原油期货标的物的选择上可采取分步走策略,以人民币为计价货币,控制外汇兑换总额;同时,要积极学习和借鉴国际上成熟的原油期货管理经验。

China launched crude oil futures in the 1990s and later suspended it due to immature conditions. In August 2004 ,China launched fuel oil futures in the Shanghai futures exchange ,paving the way for the relaunch of crude oil futures in the country as both domestic and international environments change.Some issues need to be resolved to prepare for the restoration of crude oil futures ,including the administrative control,laws and regulations,and regulation of foreign investment in relation to the domestic crude oil market.The administrative monopoly in the domestic crude oil spot market should be broken,the restrictions on the access to the crude oil futures market should be removed,the regulation of crude oil futures should be improved and the regulation on self-discipline should be strengthened.Other measures that need to be taken include reviewing all laws and regulations related to the futures sector,developing a new futures legislation mode,enacting the Futures Law as soon as possible,allowing foreign investors to participate in crude oil fu tures to create a market environment involving more intense competition （to achieve this objective ,the QFII system can be introduced to strengthen the regulation of foreign investment in crude oil futures） , selecting subject matters for crude oil futures step by step according to China＇s specifics ,using RMB as quote currency,controlling the total amount of foreign currency exchanged,and drawing on the successful experience of other countries in managing crude oil futures.