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China crude oil futures trading process

The other day, China officially listed its shares in Shanghai.

For them, it is very convenient to buy futures with renminbi.

What about the Chinese process?

Here is a general knowledge of China.

Trading Instructions: Limit order, Complete Immediately Remaining Order Automatic Withdrawal order (FAK order), Complete Immediately or withdraw all order (FOK order), other orders specified by the Center.

Each time the minimum order quantity is 1 lot, each time the maximum order quantity is 500 lots.

Use of program trading prior to filing with the energy center.

The daily limit on the first trading day of the new contract was twice the daily limit specified in the contract.

The minimum balance of settlement reserve for members of the futures company shall be RMB 2 million Yuan;

The minimum balance of settlement reserve for non-futures company members is RMB 500,000.

The minimum balance of settlement reserve shall be increased by RMB 2 MILLION each time a member accepts a settlement entrusted by an overseas special economic participant.

If an overseas special economic participant accepts a settlement entrusted by an overseas intermediary, the minimum balance of the corresponding settlement reserve shall be increased by RMB 2 million.

Each time a member accepts a special overseas non-economic participant for settlement, the minimum balance of the corresponding settlement reserve shall be increased by RMB 500,000.

For each settlement entrusted by an overseas intermediary, the minimum balance of the corresponding settlement reserve shall be increased by RMB 2 million.

Assets that can be used as margin: standard warehouse receipt, foreign exchange assets.

The crude oil futures contract adopts physical delivery, the mature contract can be delivered according to the standard process, and the outstanding contract can be delivered according to the period cash transfer process.

Bonded delivery of crude oil futures shall be carried out in the bonded area by means of warehouse delivery.

It should be noted that China’s crude oil import adopts trade quota system, so if the crude oil after delivery needs to be declared for import, it should comply with relevant laws and regulations.

A deposit of 1.5 yuan/barrel shall be paid for crude oil warehousing.

The crude oil delivery fee is 0.05 yuan/barrel.

The above is a small series to introduce you about the trading process of China’s crude oil futures. For more crude oil knowledge, please pay attention to Jintou Crude oil network!