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2016年底,中国证监会正式批准农产品期权上市,这是我国期货市场发展的里程碑。农产品期权是一种基础衍生工具,既能锁定损失,又能保留价格向有利方向变动时的收益。2017年中央“一号文件”要求深入推进农业供给侧结构性改革,深化粮食等重要农产品价格形成机制和收储制度改革。改革之初,我国粮食市场必将经历一系列深度调整,价格加速下跌,种植者收益会受到较大影响。国际实践表明,农产品期权以其特定优势支持农业发展,不仅可以更为直接地提升金融服务农业的
By the end of 2016, China Securities Regulatory Commission officially approved the listing of agricultural options, which is a milestone in the development of China’s futures market. The option of agricultural products is a basic derivative instrument, which can not only lock the losses but also keep the profits when the price changes in a favorable direction. In 2017, the Central Government and the No. 1 Document called for further deepening the structural reform of the agricultural supply-side and deepening the price formation mechanism and the storage and receipt system reform of important agricultural products such as grain. At the beginning of the reform, China’s grain market is bound to undergo a series of in-depth adjustments. The prices will fall rapidly and the earnings of growers will be greatly affected. International practice shows that the option of agricultural commodities to support agricultural development with its particular advantages can not only enhance the financial services of agriculture more directly