Crude beginnings: China's oil futures
① The world's biggest importer of oil is trying to get more say over its pricing.
② China will launch crude futures today, with three goals.
③ Narrowly, it wants to help domestic companies hedge against volatility in the oil price.
④ More ambitiously, it hopes to create a benchmark for Asia, rivalling Brent in Europe and West Texas Intermediate in America.
⑤ Most ambitiously, it thinks the crude contract, priced in yuan, will boost its currency as an alternative to the dollar.
⑥ With the oil market so diffuse globally and the dollar the accepted standard for pricing, it could take years for China to have much of an impact.
⑦ The immediate priority for the Shanghai Futures Exchange, which will host the contract, is a smooth launch.
⑧ To ward off speculators, notorious in Chinese markets, it has made the storage of oil very dear.
⑨ But a modest start should not obscure China's long-term aspirations.
▍生词好句
crude /kruːd/: adj. 粗鲁的；未经加工的
crude oil: 原油
futures: n.（复数）期货
say: n. 话语权
pricing: n. 定价
price: vt. 定价 n. 价格
hedge against /hɛdʒ/: 对冲
hedge fund: 对冲基金
volatility /vɒləˈtɪlɪti/: n. 波动性
volatile: adj. 易挥发的；（脾气/价格等）不稳定的
benchmark /ˈbɛn(t)ʃmɑːk/: n. 标准
alternative to /ɔːlˈtəːnətɪv, ɒlˈtəːnətɪv/: 其他选择；替代
diffuse /dɪˈfjuːs/: adj. 弥散的；扩散的
ward off /wɔːd/: 避开；挡住
speculator /ˈspɛkjuːleɪtə/: n. 投机者
obscure /əbˈskjʊə/: vt. 蒙蔽；笼罩
