Core Viewpoint - The article discusses the ongoing financial battle between the US dollar and the Chinese yuan, highlighting how the recent ban on non-dollar metal trading in London may inadvertently strengthen the yuan's position in global metal transactions [1][3]. Group 1: Historical Context - The article draws parallels between the current situation and the decline of the British pound in the 1950s, where attempts to enforce currency dominance through administrative measures backfired, leading to the rise of the dollar as the primary global currency [5][10]. - The dollar's dominance has been built on three pillars: settlement, reserve, and pricing power, with pricing being a significant source of revenue [12][18]. Group 2: Current Developments - The Shanghai Futures Exchange recently reported that yuan-denominated copper futures have reached the highest global position, while the London Metal Exchange (LME) has halted all non-dollar metal options trading, indicating a desperate attempt to maintain dollar dominance [8][10]. - The yuan's share in global metal pricing has surged by 900% over three years, with countries like Russia and those in the Middle East increasingly signing long-term contracts in yuan [8][18]. Group 3: Market Reactions - Following the LME's ban, the Shanghai Futures Exchange saw a significant increase in trading volume, while dollar-denominated transactions on the LME stagnated, indicating a shift in market sentiment towards yuan pricing [23][25]. - The Dubai Commodity Exchange announced plans to launch yuan-denominated copper futures, further solidifying the yuan's position in the market [25][30]. Group 4: Future Implications - The article suggests that the dollar's attempts to maintain its hegemony through financial restrictions may lead to its own decline, as the yuan's real demand in the industrial sector becomes more prominent [32][34]. - The shift towards yuan-denominated transactions is seen as a natural evolution of the global industrial landscape, with the yuan's rise being supported by actual market needs rather than speculative financial maneuvers [36].

自11月10日起，人民币将正式退出伦敦金属交易所的期货合约交易。单看这一事件或许波澜不惊，但结合美国 12 月即将启动的量化宽松政策，以及刚 组建的十国关键矿产联盟来看，这本质是一场针对人民币定价权的精准狙击，且时间节点的把控堪称刻意。 大宗商品的"定价权"是什么？它并非一个单一的权力，而是一套由交易规则、货币流动性与实物控制权共同构成的三足鼎立的权力结构。 近期，国际上看似孤立的三件事，恰恰是在这三个维度上，清晰地勾勒出一场深刻博弈的轮廓，其核心指向未来全球经济秩序中美元与人民币的地位之 争。 定价权的基石，是对被全球认可的交易规则和金融工具的掌控，伦敦金属交易所（LME）正是这一"制度层"的传统主导者，其价格影响着全球超八成的 有色金属贸易。 更值得注意的是，这一决策发生在港交所全资控股的LME内部，却带有英国金融行为监管局（FCA）干预的痕迹。这揭示了金融平台的归属权与其规则 制定权，在地缘政治面前的复杂分离，构建一个具备全球公信力的新制度，面临的正是这种根深蒂固的壁垒。 中国同样在物理层展开布局，近期在西昆仑带发现的巨大锂资源潜力，以及国内锂产量超过30%的增幅，都意在增强供应链的自主权。这场博弈的时 ...

Core Viewpoint - The suspension of RMB futures trading by the London Metal Exchange (LME) is perceived as a disconnect from market realities, as trading volumes for RMB-denominated copper contracts have significantly increased, contradicting LME's justification of low liquidity [1][2]. Group 1: Market Dynamics - The daily trading volume of RMB-denominated copper contracts reached 357,000 lots at the beginning of 2024, increasing to 482,000 lots by mid-2025, representing a growth of over 35% [1]. - The LME's decision coincides with a period of increasing international activity of the RMB in settlements, highlighting China's dominant position as the largest consumer of copper (53%), aluminum (57%), and rare earths (68%) [2]. Group 2: Global Trade Shifts - More mineral-exporting countries are shifting towards RMB settlements, as rejecting the RMB equates to rejecting the market [2]. - The rise in RMB settlements is not limited to minerals; it is also observed in sectors like iron ore from Australia and soybeans from Brazil, with Japanese companies leveraging RMB transactions to boost sales in China [4]. Group 3: Geopolitical Implications - The U.S. aims to monopolize mineral pricing through a "critical minerals alliance," reminiscent of the "petrodollar" system, but the rules of the game have changed in the era of renewable energy [4]. - The emergence of a buyer's market is reshaping global trade dynamics, with China's position as the largest buyer providing a natural advantage for the RMB [4]. - The internationalization of the RMB is progressing along the trajectory of trade flows, indicating an unstoppable momentum in the market [4].

Core Viewpoint - The London Metal Exchange (LME) has decided to stop all non-USD settled futures trading, effectively sidelining currencies like the RMB and Euro, which reflects a deeper political maneuver to maintain USD dominance in global markets [3][5][9]. Group 1: Impact on Currencies - The LME's decision primarily affects non-USD currencies, particularly the RMB and Euro, reinforcing the USD's position in international trade [5][9]. - This move is seen as a defense of USD hegemony amid a global trend towards "de-dollarization," with China pushing for greater international pricing power for the RMB [7][13]. Group 2: Market Dynamics - By excluding non-USD transactions, the LME risks driving trading volume away to other markets, such as the Shanghai Futures Exchange, which allows RMB pricing [11][19]. - The LME's actions may inadvertently accelerate the RMB's push towards financial autonomy and increase its presence in global commodity pricing [13][21]. Group 3: Future Outlook - In the short term, the RMB may face challenges in international metal trading, but this could stimulate a shift towards platforms that are more accommodating to RMB transactions [17][19]. - The LME's authority and relevance in the global market may decline as the trend of de-dollarization continues, potentially leading to a loss of market share to Asian exchanges [19][21].

新华财经北京11月14日电 （吴郑思）11月13日，纽约贵金属市场高位宽幅波动。早盘贵金属期价一度 强势冲高，其中银价更是刷新历史新高。但随着日内美股大幅下挫，贵金属也同步走低。 截至收盘时，纽约商品交易所黄金期货市场交投最活跃的2025年12月黄金期价当日下跌26.9美元，收于 每盎司4174.5美元，跌幅为0.64%。盘中金价高点触及4250美元。 分析人士认为，在美国政府本轮停摆结束之后，贵金属市场也遭遇了"买入预期、卖出事实"的抛售。同 时，对美联储12月能否继续降息，市场也存在疑虑，这也限制了贵金属的短期买盘。 转自：新华财经 此外，纽约股市三大股指13日全线大幅下挫，也给贵金属市场带来额外的抛售压力。 消息面上，黄金创纪录的上涨也在刺激金矿的产出。南非统计局13日公布的数据显示，南非9月份黄金 产量同比增长5.9%，此前8月同比下滑3.6%。 当天12月交割的白银期货价格下跌100美分，收于每盎司52.230美元，跌幅为1.88%。盘中银价刷新历史 新高至54.415美元，但其后大幅回落，日内波动超4%。 编辑：郭洲洋 在美联储主席鲍威尔10月会后表示"12月降息并非板上钉钉"之后，美联储内部的分 ...

Core Viewpoint - The article discusses the ongoing struggle between the US dollar and the Chinese yuan in the context of global metal pricing, highlighting the recent suspension of non-dollar futures trading by the London Metal Exchange (LME) as a strategic move to maintain US dominance in metal pricing [1][3][10]. Group 1: Market Dynamics - The LME suspended non-dollar futures trading citing "insufficient liquidity," while claiming that the market options for the euro and yuan are declining, indicating a regulatory response to maintain system costs [1][3]. - As of mid-2023, copper trading in yuan is approaching 500,000, showing a steady growth trend, which contrasts with the LME's decision and suggests underlying market complexities [3]. - The US government's monetary policies, including rate cuts and quantitative easing, are seen as temporary measures that may lead to increased global metal prices, further complicating the market dynamics [5][7]. Group 2: Geopolitical Implications - The US is attempting to establish a critical minerals alliance with ten countries, indicating a strategic move to secure resources essential for high-end manufacturing [7][10]. - The article suggests that the US's efforts to bind the dollar to critical minerals may face challenges, as resource-rich countries have no incentive to be tied to the dollar [10]. - The global metal pricing landscape is evolving into a dual-regulation system, with participants navigating between the dollar-dominated LME and the yuan-dominated Shanghai Futures Exchange, potentially favoring the yuan for its stability and convenience [10][11].

11月10日，伦敦金属交易所突然决定将人民币从其金属交易的结算货币中移除。这个决定毫无预兆，没有提前通知，也没有缓冲期，甚至解释得非常敷衍， 市场一片哗然。作为全球有色金属定价的重要平台之一，LME的这一举动，显然不仅仅是运营调整，更像是在释放一种排他性信号。 虽然LME的官方解释说，人民币结算的使用率太低，但业内都明白，这根本不符合事实。近年来，随着"去美元化"趋势的加速，越来越多的中东、非洲等资 源出口大国开始倾向于使用人民币结算，尤其是在铜、铝等长期交货的金属交易中。数据显示，在中东地区，人民币结算的金属订单占比已经接近40%，非 洲的情况也类似。所以，声称人民币使用少，显然是站不住脚的。 更为关键的是，LME的这一决策并非孤立的"技术调整"，背后实际上是美国和西方国家战略的一部分。在过去两年，美国联手七国集团不断构建所谓的"关 键矿产联盟"，其目的非常明确——建立一个由美元主导的金属产业链闭环，涵盖资源开采、价格制定及金融结算。这次人民币被挤出去，实际上只是这个 链条中的又一个环节。 从另一个角度来看，美国也有着自身的焦虑。当前，美联储面临着高债务压力与经济增长乏力的双重困境。市场普遍预期美联储会在年 ...

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures closed mostly lower on November 12, 2023, with notable movements in various commodity prices [1] Group 1: Commodity Price Movements - Raw sugar futures increased by 2.25%, closing at 14.57 cents per pound [1] - Cotton futures decreased by 0.86%, closing at 64.82 cents per pound [1] - Cocoa futures fell by 3.12%, closing at $5,744.00 per ton [1] - Coffee futures dropped by 6.16%, closing at 374.70 cents per pound [1]

Core Viewpoint - The London Metal Exchange (LME) has announced that all metal futures trading must be settled in US dollars starting November 10, effectively suspending non-dollar denominated contracts, including those priced in Chinese yuan, raising questions about the underlying motives behind this decision [1][3][5]. Group 1: Market Dynamics - The trading volume of yuan-denominated copper futures reached 357,000 contracts in 2024, increasing to 482,000 contracts in the first half of 2025, indicating a growth of nearly 35%, contradicting LME's claim of "insufficient liquidity" [3]. - The LME's decision coincides with the US's plan to increase money supply and accelerate printing in December, suggesting a strategic move to maintain the dollar's dominance in the global commodities market [3][5]. - The LME, as a key platform for metal futures, has historically favored the dollar, despite the rising international status of the yuan [5][10]. Group 2: Geopolitical Implications - The suspension of yuan futures appears to be a measure to protect the dollar's hegemony amid China's growing influence in the global metal market [5][8]. - The US has formed a critical mineral alliance with several countries to stabilize supply chains for essential metals, aiming to tie these resources to the dollar, which is seen as a direct challenge to China's rising market power [8][10]. Group 3: Shift in Trading Preferences - The Shanghai Futures Exchange has been gaining prominence, with significant increases in trading volumes for metals like copper and aluminum, indicating a shift away from dollar-denominated transactions [12][14]. - Following the LME's announcement, trading volume for copper futures on the Shanghai Futures Exchange surged by 15%, demonstrating a preference for yuan settlements among global traders [12][19]. - Major international companies, including BMW and Volkswagen, have begun using yuan for metal transactions, reflecting a growing trend towards yuan settlements [14]. Group 4: Future Outlook - The rise of the yuan in metal trading is expected to lead to a dual pricing system where both the dollar and yuan coexist, enhancing market diversity and fairness [17][19]. - The promotion of digital yuan in countries like Indonesia, Chile, and Iran is laying the groundwork for further internationalization of the yuan, potentially reducing reliance on dollar settlements [16][19]. - The overall trend suggests that global capital is increasingly inclined towards markets that offer stable, transparent, and low-cost trading options, with yuan settlements becoming a significant choice [19].

Core Points - The China Securities Regulatory Commission (CSRC) has appointed Xiong Jun as the new Party Secretary of the Dalian Commodity Exchange (DCE) and nominated him as the candidate for the Chairman of the DCE Council, while Ran Hua has been relieved of his duties [1] - The DCE held its 66th meeting of the fourth council to elect Xiong Jun as the Chairman of the DCE [1] Organizational Structure - The DCE's council currently consists of 13 member directors and 3 non-member directors, with various specialized committees assisting the council in its operations [2] - The DCE has established 19 internal departments, including market supervision, financial, and legal affairs, and has set up an office in Singapore [2] Leadership Information - Xiong Jun has a background in regulatory roles, having served as the Deputy Director of the Futures Regulatory Department at the CSRC and as the Deputy Secretary and General Manager of the Zhengzhou Commodity Exchange [2]