Column: Central Counterparty Clearing Services for CNY Gasoline Swap and CNY Diesel Swap

Upholding the fundamental mission of serving the real economy through finance, and responding to the national strategy of enhancing the CNY pricing power in the global commodities market, Shanghai Clearing House (SHCH) has officially launched Central Counterparty (CCP) clearing services for CNY Gasoline and Diesel Swaps on January 29, 2026. This initiative aligns with evolving trends in the refined oil products market, addresses the risk management needs of physical enterprises, and fills a critical gap in the domestic derivatives market. By providing secure, efficient clearing, settlement, and risk management services, SHCH supports the high-quality development of the gasoline and diesel industries while fostering the establishment of an CNY pricing benchmark that better reflects China’s market realities.

The CNY Gasoline Swap and CNY Diesel Swap are over-the-counter (OTC) commodity derivatives cash-settled against the spot prices of 92# gasoline and 0# diesel in the East China (Jiangsu-Zhejiang-Shanghai) region, as published by Shandong Longzhong Information Technology Co., Ltd. Denominated, cleared, and settled in CNY, these instruments benefit from the robust CCP clearing services provided by Shanghai Clearing House.

As vital strategic resources underpinning national economic growth, the launch of CNY Gasoline and Diesel Swaps clearing carries significant importance for the industry's high-quality development:

l Filling Market Gaps & Hedging Demand: It fills a void in China's financial factor market, serving the hedging demands of physical enterprises and effectively supporting industrial advancement.

l Price Discovery & Pricing Power: It enhances the influence of CNY spot price indices. Furthermore, SHCH publishes forward curve for 12 consecutive monthly contracts daily, providing physical enterprises with reliable pricing benchmarks and forecasting references tailored to China's market conditions.

l Ensuring Market Stability:It safeguards robust and efficient market operations by equipping gasoline and diesel enterprises with professional risk management tools to mitigate potential credit and market risks.

As a financial market infrastructure rooted in Shanghai, serving the nation, and connecting the world, Shanghai Clearing House remains steadfast in its commitment to serving the real economy. Moving forward, we will continue to deepen our presence in the commodity sectors, dedicated to building a core centralized clearing platform for China's OTC commodity market. We will accelerate product innovation, service upgrades, and platform development, while strengthening forward-looking risk assessments to guard against potential regional and systemic risks. This will solidify the foundation for the standardized, safe, and sustainable development of the commodity spot and derivatives markets, injecting sustained financial momentum into the construction of a unified national market and the cultivation of new quality productive forces.