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First Swaps of Iron Ore and Steam Coal Likely to be Launched in August

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2014-07-23 14:00:53 来源:和讯网 

  According to the sources informed of Shanghai Clearing House (SCH), China's first swaps of iron ore and steam coal have been approved by the central bank and are expected to be listed and traded in August after the approval is issued.

  It is learnt that currently in the world a total of four exchanges have introduced the iron ore swaps trading including Chicago Mercantile Exchange, Singapore Exchange, the London Clearing House and American Intercontinental Exchange, and China, the world's largest importer of iron ore, will also join them soon.

  Zhang Lei, Deputy General Manager of Innovative Business Department of SCH, revealed recently at an industry conference that SCH will take the imported 62% iron ore as the object of the renminbi iron ore swaps on the basis of the arithmetic average of the monthly average prices of RMB price indexes of the imported 62% spot iron ore at ports publicly announced by domestic third-party index companies, including Mysteel RMB iron ore index, the benchmark price of China Beijing International Mining Exchange and the CSI index of CUSteel. It is learnt that the swaps of steam coal are set up on the basis of Qinhuangdao Bohai rim steam coal index.

  According to the sources, the swaps of iron ore and steam coal are denominated in Renminbi, and currently only the companies registered in China can participate. The OTC trading pattern with the quotation of the traders will be adopted, and the Inter-bank Market Clearing House Co., Ltd. (Shanghai Clearing House), which is directly under the Central Bank, will take charge of the trading clearing.

(责任编辑:HF048)

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