Exchange Start Opinion Consultation PTA Internationalization Further

In 2014, the world's polyester production reached 64 million tons, of which China accounted for nearly half of the world's largest production of polyester products.

Zheng established PTA as a specific variety to promote internationalization.

The official responsible for the introduction of PTA futures to foreign traders is still at the stage of demonstration, and will further improve the draft in order to steadily push forward the internationalization process of PTA futures, Zheng said.

According to insiders, PTA futures will be identified as the first international specific variety of Zhengshang. There are four main points to consider: first, from the industrial chain of PTA, its upstream source is crude oil, downstream is the textile and garment industry, and connects the two major industries of petro chemical and textile. The current price of PTA is affected by the price of crude oil and the impact of textile industry and its import and export.

PTA futures were listed at the end of 2006. Zhengshang is the only exchange of listed PTA futures. PTA is also the only futures variety in the global polyester industry chain.

Second, from the national level, the introduction of PTA futures to foreign traders is conducive to China becoming the international pricing center of textiles.

China is the world's largest producer and consumer of PTA, and the PTA industry chain supports half the sky of the textile industry.

As a large exporter of textile products, the introduction of foreign traders into PTA futures will help our country become an international textile cost pricing center.

Third, from the perspective of national strategy,

The introduction of futures into overseas traders is highly compatible with the "one belt and one way" strategy of the state, and is conducive to promoting the export of related products.

The products of the PTA industry chain include PX (para xylene), PTA, MEG (ethylene glycol), polyester filament, polyester staple fiber and bottle flake. The main trading countries of these products are mostly distributed along the belt. The introduction of PTA futures into overseas traders will help our PTA industry chain enterprises better "go out" and implement the "one belt and one way" development strategy, which is conducive to promoting the export of related products.

Fourth, the introduction of PTA futures into foreign traders will help to meet the strong demand of overseas enterprises to participate in PTA futures in China.

Because of the clear price relationship between PTA and its upstream and downstream products, price guidance is stronger.

Actively request to participate in PTA futures.

After the introduction of foreign traders, the barriers to entry of foreign enterprises will be eliminated, which will help overseas enterprises to hedge their market entry and avoid the risk of price fluctuation in international trade.

Zheng Shang related to the introduction of PTA futures to foreign traders.

Holding a consultation meeting.

According to the draft, PTA's existing contracts and basic institutional frameworks remain unchanged, while Renminbi denominated and settled, foreign currency funds will be used to offset deposits, and PTA futures traders will enjoy "national treatment".

The official of Zheng Shang said that there are two modes of opening accounts for foreign traders. The first one is the mode of direct agency overseas traders in the territory of Futures Company, and the second is the mode of delegation of overseas brokerage agencies.

Among them, the overseas customers entrust the Futures Company members to trade, and the Futures Company members apply for the opening procedures and apply for the futures trading code; strictly abide by the one - one code principle, one customer and one futures trading code.

In terms of settlement, PTA futures special settlement account uses NRA account and follows the principle of capital receipt and payment.

At the beginning, only the US dollar and foreign currency were accepted, and the foreign currency offset margin. The reference rate was calculated according to the intermediate price announced by the foreign exchange trading center on the previous trading day, and multiplied by a certain discount rate.

In terms of terms of entry, overseas customers need to have basic knowledge of futures, understand specific business rules, and need to have bank certificates of not less than RMB 50 thousand yuan or equivalent foreign currency. In the past three years, there should be more than 5 pactions in real futures pactions; individual customers should have full civil capacity; institutional customers should have sound internal control system and information notification mechanism for futures trading; there is no case of prohibiting or limiting futures trading.