非同步交易与黄金定价权

China's Gold Price Setting Power Based on Non-synchronous Trading

如何提升黄金定价权,以提高我国在以黄金为代表的大宗商品领域的国际话语权,是新时代面临的一个重要的理论和现实问题。基于非同步交易的事实,本文多角度研究了我国黄金定价权的问题。本文运用改进的信息份额模型对我国与美国的黄金期货定价能力,以及我国与英国的黄金现货定价能力进行估计。研究结果表明:总体上我国黄金期货市场定价能力弱于美国,黄金现货市场定价能力弱于英国。但无论是期货市场还是现货市场,我国黄金市场的定价能力正在逐渐提高。进一步研究发现,上海金的推出,在短期内提高了我国黄金市场的国际影响力。

Based on the stylized fact of non-synchronous gold trading,we attempt to study the extent of China's gold price setting power and the way to enhance China's gold price setting power from multiple perspectives.We use the modified information share model to estimate the gold futures price setting power between China and the United States,and the gold spot price setting power between China and the United Kingdom.The results show that the price setting power of China's gold futures market is weaker than that of the United States,and the price setting power of China's gold spot market is weaker than the United Kingdom,while both of them have been gradually improved during last decade.We then make a further study on the Shanghai Gold,and find that the launch of Shanghai Gold does enhance China's gold price setting power in the short term.