How To Optimize And Perfect The Risk Management Tools Of Polyester Industry Chain? Zhengzhou International Futures Forum Will Give You An Answer In Early September.

Actively implementing in China "We need to deepen structural reforms in financial supply side and enhance financial services' real economic capacity". In the context of spirit, the futures industry is also exploring how to implement and deepen structural reforms on the supply side and enhance the ability of futures market to serve the real economy. Reporter recently China (Zhengzhou) International Futures Forum Organizing Committee Learn, 2019 China (Zhengzhou) International Futures Forum It will be held at Zhengzhou International Convention and Exhibition Centre on September 1~2.

As an exchange platform for the international derivatives industry based on China and the global market, China (Zhengzhou) International Futures forum has been holding the futures and derivatives services as the real economy and national strategy since its launch in 2016. This forum is composed of Zhengzhou Municipal People's Government , Zhengzhou commodity exchange , CME (Group) The theme is "Reform the new situation, open up new steps -- deepen the reform of the futures supply side, and serve the high quality development of the economy". 。

The forum will focus on the current world economic development pattern, the development of domestic and foreign futures and derivatives industries, cross border transactions, and commodity investment, futures and options tool services, and the real economy. 2018 Nobel prize winner in economics, leader of endogenous growth theory, Paul Romer, Professor of economics, New York University, Stern School of business, Paul (M.Romer) A keynote speech on "world economic situation analysis and growth prospects" will be held at the main forum held in September 2nd.

According to the relevant person in charge of the Organizing Committee of the forum, Paul Romer, who will attend the meeting with him, will have representatives from overseas exchanges, such as Chi Chi Shang. UBS, Magri group, Louis Da Fu, Australia's Betula business, Mars food, GSI, BP, Wood McKenzie Representatives of overseas well-known institutions and enterprises.

In recent years, the Henan provincial Party committee and the Zhengzhou municipal government have attached great importance to the development of the financial industry, and issued a series of policies and measures to promote financial reform and development. Zhengzhou is increasingly becoming the financial center of the Central Plains and even the central region. Zhengzhou, the first futures trading institution of new China, has been established as the venue for the forum. With the continuous enrichment of futures commodities, continued expansion of trading scale and steady opening up to the outside world, the international influence of "Zhengzhou price" has been increasing.

From the perspective of the textile industry chain, there are several varieties of cotton futures, cotton yarn futures and PTA futures. PTA futures also introduced the market making system to promote continuous and active contracts so as to meet the needs of various entities in enterprises. Cotton futures varieties such as "insurance + futures" have been pilot, promoted and expanded in the field of entities. Cotton options are also listed this year, further expanding the coverage of the futures market in the real economy of the textile industry, enabling more industrial enterprises to make use of the futures market to manage risks conveniently. In addition, the listing of polyester staple futures varieties is also actively preparing. All this shows that the deepening structural reform of the supply side of the futures industry is accelerating.

PTA futures are especially worth mentioning. PTA is a very important petrochemical product and chemical raw material. Its upstream is linked to the PX industry, and downstream is linked to polyester bottle, polyester film and polyester fiber. In the aromatics industry chain, 90% of PX is used to produce PTA, and 90% of PTA is used to produce polyester products. Polyester fiber is the largest raw material for making fabrics, such as garments, toys, home textiles and other textiles. China is currently the world's largest producer and consumer of PTA, and is also the world's largest polyester product, chemical fiber product and textile production base and consumer market.

At present, more than 90% of China's PTA production and trading enterprises, more than 80% of polyester enterprises are involved in PTA futures trading, and the proportion of legal person accounts is more than 65%. For many years, the correlation between China's PTA futures price and spot price is as high as 0.99.

And, Since the formal introduction of foreign traders in November 30, 2018, the PTA futures market has been running smoothly, and the proportion of overseas customers' turnover has gradually increased. At present, the futures market is about 10%. Reporters learned from Zheng Shang that as of the end of March this year, 93 overseas clients from Singapore, UAE, New Zealand, the United Kingdom, Australia and other countries in China, Hongkong and China Taiwan have completed their accounts, and 12 overseas intermediaries have completed the record.

One industry insider pointed out that Our country from PTA to polyester chemical fiber industry chain is firmly in the leading position in the global market. The scale of production capacity accounts for more than 60% of the total capacity of the world. It has the advantage of first-class scale cost and technological advantages. Especially with Hengli refining, Zhejiang Petrochemical and other large-scale private refinery projects in China gradually put into operation, China's previous bottlenecks in the aromatics link are being gradually broken, and the integrated competitiveness of polyester chemical fiber industry chain is further enhanced. This is conducive to the Sinopec and the leading enterprises in the polyester industry to deal with the new competitive situation of the international aromatic polyesters industry more calmly. It is also one of the core supporting forces to further enhance the "Chinese price" discourse power in the global aromatics and polyester industry chain. This will form a joint effort with China's continuous reform in the financial field and the continuous optimization and improvement of related financial hedge tools, so as to further enhance the global discourse power of China's polyester industry.

It is worth noting that in addition to the main forum, the 2019 China (Zhengzhou) International Futures forum also has two preheating forums and 3 sub forums for cross-border transactions and commodities investment. As a "star futures variety" that has opened up internationalization, the sub forum of PTA is one of the 3 sub forums. The forum will discuss the topics such as "optimization and improvement of risk management tools for polyester industry chain".