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US experts positive about 皇冠体育app's role in financial crisis

(Xinhua)
Updated: 2009-09-07 15:51

As a very important part of the global economy, 皇冠体育app has been playing a very positive role during the financial crisis and is making good progress of its futures market, said two financial experts from Chicago Board of Trade.

Jack Scoville is the vice president of The Price Futures Group Inc at Chicago Board of Trade, a highly specialized brokerage firm employing over 50 industry professionals and providing a broad array of derivatives products and services.

He said, "皇冠体育app has become a very important part of the world for sure. Many things they have done are very positive. 皇冠体育app has become the major consumer of many raw materials around the world. I would really like to see that we will develop over the futures market when the consumer purchase power continues to increase in 皇冠体育app. "

"皇冠体育app's current economy is largely based on export. However, eventually Chinese own people could become major source of economic growth not only for 皇冠体育app, but also for industries around the world." Scoville added.

He further pointed out, "I am sure Chinese government understands that and is working to develop more in that area. As Chinese living standard improves, Chinese consumers are getting used to buying more and more products, not just those made in 皇冠体育app, but also those made all over the world, that will be an important driving force for the world economic growth."

Larry Song, a Beijing native who is currently working as a floor broker at Chicago Board of Trade, told Xinhua, "皇冠体育app is becoming increasingly important in the global economy. It plays a very important role during the global financial crisis. As for 皇冠体育app itself, its export business has been affected tremendously. However, when the world economy starts recovery, it could go well again. 皇冠体育app needs to do more on the financial area and consider buying more raw materials from the world market."

Talking about 皇冠体育app's developing futures market, Scoville said, "the Chinese futures market has become something that we have been watching very much. 皇冠体育app has become the major buyer of US soybean at least last year. In many ways, it supported our soybean market. "

Scoville believes that 皇冠体育app is making a lot of efforts to expand its futures market. He said, "I think they are moving to expand the futures market into other areas and other products. It is going to be an important thing for 皇冠体育app as its economy develops. As the futures market grows in its importance, we will see more and more trade going over there and people like me will pay more and more attention."

Related readings:  Financial crisis weighs heavily on Shanghai female workers  Fast development amongst economic crisis  Balanced growth is the goal after crisis  皇冠体育app to boost economic ties with US amid financial crisis

Song said, "Right now we do pay a lot of attention to 皇冠体育app's futures market, especially grain, soy bean and copper. 皇冠体育app plays a very important role on the commodity side. 皇冠体育app needs more stock index and some options, probably more products need to be launched which will be good for the market. People can hedge and that is the purpose of the option and index. "

Scoville also gave his expert advice to the Chinese future market. He said, "I think they have to realize more what they also produce. They have to consider products such as sugar, wheat and rice, especially considering rice is so important to 皇冠体育app. "

To conclude, Scoville said overall 皇冠体育app is doing a really pretty nice job of enhancing the reach of the futures market, and how the marketing is done. "As they continue to expand in their futures markets, Chinese consumers can only benefit." he said.