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Iron ore futures officially started the internationalization process.

On May 4th, the dalian Commodity Exchange (hereinafter referred to as the "big business") iron ore futures officially started the internationalization process.

This allows the "Chinese price" to go out and bring in foreign investors and international competition mechanism, and realize the new integration of China's futures market and international market.As China's largest import volume and second only to crude oil, iron ore is the most important raw material for the national economy.International iron ore futures to construct a new pattern of all-round opening to the outside strategy, to promote economic development of high quality, build more fair and reasonable new order of international trade and so on all has the important theoretical and practical significance.

To provide experience for the full opening of the futures market.With crude oil futures listed in new varieties on the internationalization road is different, the role of iron ore futures as stock varieties in the domestic futures market, relying on the existing platform, keep the original contract and basic system, realize the trading system at home and abroad.In the future, China will gradually promote the internationalization of other commodity futures, and more stock varieties will go to the international stage.With the overall scheme is relatively simple and maneuverability is strong, the characteristics of iron ore futures international business to the ground, for the subsequent stock of other domestic commodity futures varieties internationalization provide theoretical and practical reference.

To build a modern economic system and promote the formation of a new pattern of all-round opening up is a new requirement for the development of the new era.Xi general secretary in 2013 when he visited dalian message "feet on the ground, the bold exploration, working hard to blaze a trail the road to success", crude oil futures, futures relay iron ore become the second international domestic futures varieties, has realized the domestic futures varieties listed major breakthrough in the opening to the outside world, is the commodity futures market in the process of the internationalization of further exploration.Futures market is an integral part of the multi-level capital market, the futures market opening to the outside world is an important part of China's opening to the outside strategy, adhering to the "independent open, cooperation and win-win" principle, in the international iron ore into reference, domestic commodity futures market gradually open to foreign investors, industry customers, have the practical significance for building a new pattern of all-round opening to the outside world.

We will better serve the supply-side structural reform of the steel industry.Futures market is the advanced form of market, the futures price is the price of all market participants are common trade form, can be more real, effectively reflect the supply and demand of market, the futures market price signals can guide enterprises more reasonable arrangement of the production and business operation, adjust the allocation of resources, speed up the industrial transformation and upgrading;At the same time, futures as a financial derivative instrument can help enterprises to carry out price risk management and achieve stable operation.At present, the imperfect structure of participants is a common problem in domestic commodity futures, and the internationalization of iron ore futures partly compensates for this problem and further optimizes the pricing mechanism.

Our country's economy has been developed from high quality development stage of rapid growth stage, insist on quality first, efficiency first, structural reform as the main line, to supply side economic development quality, efficiency, change change, power transformation is a new direction in the development of a new era.Iron and steel industry is the key to the supply side structural reform in our country areas, related reform has lasted for more than two years, the effect is remarkable, among them, the iron ore futures in promoting industry played an important role in the overall profit level.In 2018, structural reform and further promote the supply side, highlight the important role of market-oriented means, internationalization, iron ore futures can outside supply highly concentrated in reality, the introduction of foreign mining and other agencies involved in China's iron ore trade, make the futures price more accurately reflect the global iron ore supply and demand change, help to better serve the iron and steel industry supply side structural reform, is advantageous to the market means to solve the excess capacity, expanding incremental supply with good quality and strong leading quality development of national economy pillar industries.

Establish the commodity RMB pricing center and promote the establishment of a new international trade order.China's iron ore futures are denominated in RMB, and domestic and foreign market players trade on the same platform, which is conducive to the production of iron ore price with international representativeness and credibility.At present, the global iron ore market is in a critical period of pricing datum transformation, platts acquired TSI index, index of the iron ore market monopoly, opaque unjust index pricing is more and more difficult to achieve profit distribution between the industrial chain, in this context, to create a more fair benchmark iron ore pricing requirements of increasingly urgent.International iron ore futures as an effective way to improve the price formation mechanism, will provide a more reasonable price as the main body in the related industry, the development of futures markets are consistent with the interests of the entity enterprise, the two sides work together to vigorously promote the international iron ore trade use renminbi-denominated futures prices as a valuation benchmark iron ore, thus effectively promote iron ore spot market pricing by an index to the futures pricing, build a new type of iron ore international trade system.

In the face of profound changes in the world political and economic landscape, the steady promotion of RMB internationalization is an important national strategy.The internationalization of iron ore, crude oil futures, and other commodity futures varieties of internationalization, the future will gradually form a series of renminbi-denominated commodities in domestic international pricing center, as a gripper, expanding the whole system of commodity trade renminbi-denominated products, will be a sharp rise in the renminbi internationalization degree and position, change the dollar dominating the present situation of the international trade pricing or account settlement system, help to build a more just and transparent diverse international trade pricing system, building jointly by multiple currency support of new international trade order.