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Speech at the Ceremony of Overseas Investors’ Participation in RBD Palm Olein Futures Trading——Chen Gang

Date:23 December 2020
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Speech at the Ceremony of Overseas Investors’ Participation in RBD Palm Olein Futures Trading

中国植物油行业协会副会长    陈 刚

Chen Gang, Vice Chairman of China National Vegetable Oil Association

2020年12月22日 大连

December 22, 2020, Dalian


  Distinguished Mr. Yan Shaoming, Deputy Director of Department of Futures Supervision of CSRC; Mr. Ran Hua, Secretary of CPC Committee of Dalian Commodity Exchange (DCE); Mr. Xi Zhiyong, CEO of DCE,


  Good morning!


  It’s a great pleasure for me to witness overseas investors’ participation in DCE RBD palm olein futures trading together with the distinguished guests here. On behalf of China National Vegetable Oil Association (CNVOA), I would like to extend my warmest congratulations!


  Among all the vegetable oils, palm oil is the one with the largest global output and international trading volume. Palm oil is mainly produced in Asia, while its major consumers are in Asia, Europe, and America. As its industrial chain stretches across many countries along the Belt and Road, this industry is also an epitome of global cooperation and sharing. Currently, China is the world’s second largest importer and third largest consumer of palm oil, occupying a crucial position in international trading.

  经过十余年的稳健发展,大商所已成为全球最大的棕榈油期货市场,棕榈油期货已成为产业不可或缺的风险管理工具。目前利用棕榈油期货套保  hedging的棕榈油企业进口量占我国进口量的85%以上。国有、民营和外资企业等各类市场主体运用棕榈油期货对冲价格风险,稳定经营,取得了良好成效。

  After more than a decade of steady development, DCE has become the world’s largest RBD palm olein futures market. RBD palm olein futures has become a crucial tool of risk management in the industry. At present, the import volume by palm oil entities using RBD palm olein futures for hedging account for more than 85% of China’s total import volume. State-owned, private and foreign-funded enterprises and other main market participants use RBD palm olein futures to hedge against price risk and ensure steady operation, thus having achieved good results.


  With the economic growth and industrial changes in China, the oils and oilseeds industry has gradually become one of the industries with the highest level of openness, the most intense competition, and the strongest connection between domestic and foreign markets. The demand for opening up futures market is increasingly strong. RBD palm olein futures has become China’s first oils and oilseeds product futures that opens to the world, which is a new achievement of the dynamic equilibrium of industrial risk management demand and futures market supply. RBD palm olein futures opens to the overseas investors with “international trading and local delivery”, which fully accords with the characteristics of the industry. It is a new measure for the futures market to take root in the industry and serve the entities. After the opening of RBD palm olein futures, the price risk of all processes of the global industrial chain, including production, trade, processing and consumption, can be managed in China’s futures market, which also reflects China’s opening up and sharing with the global economy.


  At present, the international situation is complex and ever-changing, and China’s grain and oil safety is facing challenges. We hope that DCE will continue to play its role in price discovery and risk management, so as to help ensure the national grain and oil safety. We anticipate that DCE will continue to innovate new tools, and advance opening up, and bring more China’s prices, voices and standards to the global trading system.


  Finally, I wish the opening of DCE RBD palm olein futures to overseas investors a complete success, and wish DCE greater achievements in serving the real economy!


  Thank you!

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