全球大宗商品市場 : 從現貨到期貨


	大宗商品市場在全球經濟活動中的地位牽一髮而動全身，與實體經濟的關係愈來愈密切。從趨勢看，中國內地大宗商品和其衍生品市場在全球的影響力持續提升，其對外開放程度也穩步提高。　　本書是市場上第一本把大宗商品現貨與期貨市場融合分析，同時梳理全球與中國大宗商品市場發展脈絡、探討多渠道推進中國大宗商品市場開放的中、英雙語著作，由在相關領域具有豐富業務經驗的專業人士，圍繞三大主題：「全球大宗商品市場的格局」、「內地與香港大宗商品市場的演變」、「大宗商品現貨與期貨市場的互聯互通」作了深入分析，讓市場參與者對整個大宗商品市場的宏觀系統和金融生態圈獲得整體的認識，更好地促進大宗商品現貨與期貨交易良性互動，服務實體經濟。　　The commodities market is now so closely linked to the global economy that a small change in the former will trigger the butterfly effect on the latter. We can see a trend of continuous increase in the global influence of Mainland China’s commodities physical and derivative markets, and the increasing opening-up of the Mainland markets. 　　This book is the first bilingual title in the market that gives an integrated analysis of the commodities spot and futures market and the development of the global and Mainland commodities markets, and explores the multiple ways for advancing the opening-up of the Mainland commodities market. Experts who are experienced in these areas discuss in-depth on three key themes — the “global landscape of the commodities market”, “the Mainland and Hong Kong commodities markets” and “commodities spot and futures market connectivity”. This book depicts to market participants the big picture of the macro system and financial ecosystem of the entire commodities market, facilitating beneficial interactions between the commodities spot and futures markets to better serve the real economy.


	目錄序言動盪的商品市場更需要專業的思考李小加香港交易所集團行政總裁第一篇全球大宗商品市場的格局第1章貨通天下，海納百川——為中國架起連接全球大宗商品市場的橋樑李小加香港交易所集團行政總裁第2章全球金屬市場——中國市場的崛起和現狀劉小磊上海有色網信息科技股份有限公司分析師第3章全球農產品市場及中國市場的國際化戰略焦健中糧期貨有限公司副總經理、研究院院長第4章實踐中的大宗商品交易與套期保值袁恩賜博士花旗環球金融亞洲有限公司董事總經理花旗研究部大宗商品亞太主管 Edward L. MORSE, Ph.D. 花旗環球金融有限公司董事總經理花旗研究部大宗商品全球主管廖忺花旗環球金融亞洲有限公司花旗亞太研究部大宗商品分析師、副總裁蘇筱琳花旗環球金融亞洲有限公司花旗亞太研究部大宗商品助理副總裁第5章全球大宗商品衍生產品市場概覽香港交易所首席中國經濟學家辦公室第6 章倫敦金屬交易所——全球工業金屬交易及定價中心倫敦金屬交易所第二篇內地與香港大宗商品市場的演變第7章中國內地大宗商品現貨市場的歷史沿革、現狀及其與期貨市場的關聯深圳前海聯合交易中心有限公司第8章中國內地大宗商品市場的國際地位與對外開放深圳前海聯合交易中心有限公司第9章香港的大宗商品市場香港交易所大宗商品發展部第三篇大宗商品現貨與期貨市場的互聯互通第10章大宗商品期貨服務實體經濟的國際經驗香港交易所首席中國經濟學家辦公室第11章前海聯合交易中心在中國內地大宗商品市場扮演的獨特角色深圳前海聯合交易中心有限公司 213 第12章 LME 與中國內地大宗商品市場加強聯繫可帶來的機遇倫敦金屬交易所第13章市場基礎設施在「基本金屬」市場發展中的角色香港交易所首席中國經濟學家辦公室第14章香港交易所大宗商品市場——連接內地與全球的互聯互通平台香港交易所大宗商品發展部後記促進大宗商品現貨與期貨交易良性互動、更好地服務實體經濟巴曙松教授香港交易所首席中國經濟學家中國銀行業協會首席經濟學家 Preface Volatile commodities market demands deeper critical thinking Charles LI Chief Executive, Hong Kong Exchanges and Clearing Limited Part1 The global landscape of the commodities market Chapter 1 Building a bridge — Connecting China and the global commodities market Charles LI Chief Executive, Hong Kong Exchanges and Clearing Limited 2 Chapter 2 The global metals market —The rise of China and the current update LIU Xiaolei Analyst, SMM Information & Technology Co. Ltd. 305 Chapter 3 The global agricultural market and the international development strategy of China‘s agricultural futures market JIAO Jian Vice President, COFCO Futures Co., Ltd, President of Futures Research Institute, COFCO Futures Co., Ltd Chapter 4 Commodities trading and hedging in practice Anthony Yan Chi YUEN, Ph.D. Managing Director, Head of Commodities Pan-Asia, Citi Research and Global Insights, Citigroup Global Markets Asia Limited Edward L. MORSE, Ph.D. Managing Director, Global Head of Commodities Citi Research and Global Insights, Citigroup Global Markets Limited Tracy Xian LIAO Vice President, Citi Research and Global Insights Citigroup Global Markets Asia Limited Judy Xiaolin SU Assistant Vice President, Citi Research and Global Insights Citigroup Global Markets Asia Limited Chapter 5 An overview of the global commodity derivatives market Chief China Economist’s Office,Hong Kong Exchanges and Clearing Limited Chapter 6 The London Metal Exchange —The world’s industrial metals trading and pricing venue The London Metal Exchange Part 2 The Mainland and Hong Kong commodities markets Chapter 7 The spot commodities market in Mainland China —Brief history, current status and connection with the futures market Qianhai Mercantile Exchange Co., Ltd. Chapter 8 Commodities market in Mainland China —International status and opening-up Qianhai Mercantile Exchange Co., Ltd. Chapter 9 The Hong Kong commodities market Commodities Development,Hong Kong Exchanges and Clearing Limited Part 3 Commodities spot and futures market connectivity Chapter 10 Global experience of commodity futures serving the real economy Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited Chapter 11 QME’s unique role in the commodities market in Mainland China Qianhai Mercantile Exchange Co., Ltd. Chapter 12 The opportunities offered by greater connectivity between the LME and the Mainland commodities market The London Metal Exchange Chapter 13 The role of market infrastructure in the development of the base metals market Chief China Economist’s Office,Hong Kong Exchanges and Clearing Limited Chapter 14 The connectivity platform offered by the HKEX commodities market for the Mainland and the world Commodities Development, Hong Kong Exchanges and Clearing Limited Afterword Better serve the real economy by facilitating healthy interaction between the spot and futures trading of commodities Professor BA Shusong Chief China Economist,Hong Kong Exchanges and Clearing Limited Chief Economist, China Banking Association


	編者簡介主編　巴曙松 BA Shusong 　　香港交易及結算所有限公司首席中國經濟學家、中國銀行業協會首席經濟學家、金融學教授、博士生導師　　Chief China Economist, Hong Kong Exchanges and Clearing Limited; Chief Economist, China Banking Association; Professor in Finance; Ph.D Tutor 副主編　蔡秀清 Essie TSOI 　　香港交易及結算所有限公司首席中國經濟學家辦公室高級副總裁　　Senior Vice President, Chief China Economist’s Office of the Hong Kong Exchanges and Clearing Limited 編委　張天赫 Dennis ZHANG 　　香港交易及結算所有限公司市場發展科大宗商品發展部主管　　Managing Director, Commodities Development Department of Market Development Division of the Hong Kong Exchanges and Clearing Limited 編委　董峰 DONG Feng 　　前海聯合交易中心總經理　　General Manager, Qianhai Mercantile Exchange Co., Limited 編委　馬諾文 Robin MARTIN 　　倫敦金屬交易所市場發展部主管　　Head of Market Development, London Metal Exchange 編委　朱曉 Jennifer ZHU 　　香港交易及結算所有限公司首席中國經濟學家辦公室副總裁 Vice President, Chief China Economist’s Office of the Hong Kong Exchanges and Clearing Limited 編委　巴晴 BA Qing 　　香港交易及結算所有限公司首席中國經濟學家辦公室副總裁　　Vice President, Chief China Economist’s Office of the Hong Kong Exchanges and Clearing Limited 編委　羅得恩 Daniel LAW 　　香港交易及結算所有限公司首席中國經濟學家辦公室助理副總裁　　Assistant Vice President, Chief China Economist’s Office of the Hong Kong Exchanges and Clearing Limited