Russia and China in the focus of changes in the world of exchange trading
“The result-oriented joint efforts in exchange trading are changing the nature of international economic relations and encourage mutually beneficial economic cooperation between Russia and China”.
Deputy Head of FAS, the Chairman of the Exchange Committee, Anatoly Golomolzin, made this statement after a visit to China on 5 - 9 June 2017. The Russian delegation also comprised: L. Selyutina, Department Director, the Bank of Russia; M. Temnichenko, First Vice-President, SPIMEX; and representatives of SPIMEX and “Gazprom neft”.
The visit programme included meetings with top officers of the National Development and Reforms Commission (NDRC), the People’s Bank of China (PBC), Shanghai Futures Exchange (SFE), Shanghai International Energy Exchange (INE) and Shanghai Petroleum and Natural Gas Exchange (SHPGX).
The Russian delegation presented information about developing in Russia the exchange markets of oil products, natural gas, and oil, on the prospects of further expanding the list of traded goods, development of derivatives markets, international cooperation on those issues, etc. In their turn, Chinese colleagues gave detailed information about the work undertaken by them in similar directions. The parties emphasized a considerable mutual interest in strengthening collaboration.
Anatoly Golomolzin said: “The talks were successful, based on its outcome preconditions were formed to deepen cooperation on many areas, including international spot trade and derivatives exchange for trading oil and oil products, developing international price indicators (indices), harmonizing approaches to normative-legal regulation of exchange trading with oil products, gas and other goods on the national markets, exchanging experience on structural reforms, etc.”.
Practical aspects of such collaboration can be formalized through the top-level Agreements as well as under the frame of intra-departmental collaboration, cooperation between commercial infrastructure organizations and business in the oil-and-gas field”, emphasized Anatoly Golomolzin.