Britain has a long history of developing capitalism and was once a world industrial power. Throughout the19th century and at the beginning of this century, the pound has always been the most important means of international payment and the central reserve currency. However, since the First World War, the pound has turned from prosperity to decline. 1944 After the Bretton Woods Conference, the US dollar replaced the British pound as the world's financial hegemon. Since the economic crisis that swept the western world in the 1930s, the British economy has been in a state of depression, and the destruction of World War II further weakened the British economy, making the economic development basically stagnant. The gross national product of 1983 is only twice that of 1948, and there has been a fiscal deficit for 28 consecutive years. The competitiveness of British enterprises has declined, making it difficult to compete with other capitalist countries. Although Margaret Thatcher made some bold changes during her tenure, the speed of economic growth did not increase significantly. Although the GDP growth rate once reached 4.8%. Strong domestic demand and falling inflation rate have not fundamentally reversed the unfavorable situation of the British economy. In short, the inflation rate and unemployment rate have remained high for a long time, the foreign trade balance has been in deficit for years, and the poor economic situation is the fundamental reason for the continued weakness of the pound. During 1947- 1972, there were 14 crises in the pound. 1992 was the most unfortunate year in the history of the pound. On September 16, the exchange rate of the pound against the mark fell below the floating lower limit stipulated by the European currency exchange rate mechanism, and the exchange rate of the pound against the mark in new york foreign exchange market fell to the lowest point in history after World War II. In order to maintain foreign trade prospects and economic growth, the Bank of England had to announce interest rate cuts twice in one day. Britain was forced to announce its withdrawal from the European currency exchange rate mechanism less than two years after joining.

Sterling futures trading is mainly conducted on the Chicago Mercantile Exchange (CME).

form contract

Trading unit 62,500 pounds

The minimum price change is 0.0002 (per contract 12.50).

The daily price fluctuation is limited to the opening of the market (7: 20-7: 35 am), the price limit is 150, and the price is not limited after 7: 35 am.

Contract month 1, 3, 4, 6, 7, 9, 10, 12 and spot month.

Trading hours are from 7:20 am to 2:00 pm (Chicago time).

The trading deadline of the last trading day of the expired contract is 9: 00 a.m.16, and the market closes ahead of holidays or holidays. Please contact the Exchange for details.

The morning of the second working day is counted from the third Wednesday of the contract month on the last trading day.

The delivery date is the third Wednesday of the contract month.

Chicago Mercantile Exchange (CME) Japan has adopted the gold standard since 1886, and issued Japanese banknotes convertible into gold coins. During World War I, Japan abolished the gold standard. 1964 yen became a convertible currency. After the collapse of the Bretton Woods system, the yen floated from 65438 to 0973. Since then, the yen has become stronger and stronger, in sharp contrast to the weakness of the US dollar, becoming a stronger international currency.

Japan is a country with poor natural resources and narrow territory, and the powerful driving force for economic development must come from foreign trade. Japan's import volume is high, but its export volume is higher, with a huge foreign trade surplus every year, making it the third largest importer and exporter in the world. Japan's economy has maintained a high growth rate in recent years, with an average annual growth rate of 195 1- 1973, which is second to none among many western countries. 1968 Japan's gross national product has reached142.8 billion US dollars, ranking second in the world after the United States. 1985 Japan replaced the United States as the world's largest creditor. The appreciation of 1985 yen had a negative impact on foreign trade, but after industrial adjustment, industrial production recovered rapidly and the unemployment rate dropped. From the end of 199 1 to the beginning of 1992, Japan's financial scandals occurred one after another, and its economy began to slump and its growth rate slowed down. At present, Japan's economy has not fully recovered, and the Bank of Japan lowered interest rates again to stimulate economic development.

Japanese yen futures trading is mainly conducted on Chicago Mercantile Exchange (CME).

form contract

Transaction unit:12.5 million yen

Lowest price change: 0.00000 1 yen (per contract 12.50 yen)

Maximum fluctuation limit of daily price: when the market opens (7: 20-7: 35 am), the price is limited to 150 points, and the price is not limited after 7: 35.

Contract months: 1, 3, 4, 6, 7, 9, 10, 12 and spot months.

Trading time: 7: 20 am to 2: 00 pm (Chicago time). The closing time of the expired contract on the last trading day is 9: 00 a.m.16, and the market will close before holidays or holidays. Please contact the Exchange for details.

Last trading day: the morning of the second working day from the third Wednesday of the contract month.

Delivery date: the third Wednesday of the contract month.

Trading places: CME1933 The United States abolished the gold standard, and the US dollar began to compete for the position of the world's central currency, becoming a fixed price comparison and trade settlement tool to determine other currencies. 1944 The Bretton Woods Conference created an international monetary system to solve the Great Depression and other economic and financial problems caused by World War II. According to the Bretton Woods Agreement, central banks can exchange gold with the United States at an official price of $35 per ounce. National currencies set a fixed exchange rate with the US dollar, and the US dollar becomes the standard for fixing the value of national currencies and the reserve currency equivalent to gold. In the 1960s, influenced by the current deficit of the US balance of payments and the reduction of gold reserves, the status of the US dollar was continuously weakened, and the fixed exchange rate system began to shake. From 197 1, the trade balance of the United States turned from surplus to deficit for eight consecutive years, which aggravated the outflow of dollars and gold. The currencies of western countries have adopted floating exchange rates and decoupled from the US dollar. Eurodollars are all dollar deposits outside the United States. The emergence and development of eurodollar market is the result of the increasingly tense world political situation in 1950s and 1960s. In order to prevent the United States from freezing and confiscating its deposits in new york, the former Soviet Union and other socialist countries transferred their US dollar deposits to London and other European financial centers. Now, eurodollar market has become an international capital market that is not under the jurisdiction of the US Federal Reserve System, and more and more banks and companies have begun to use eurodollar market to provide funds for repaying foreign debts.

The fluctuation of a country's currency value is influenced by many economic factors. Since the 1980s, the American economy has been growing at a low speed, the fiscal deficit has not been solved for a long time, and the foreign trade balance has been in deficit for years. From 65438 to 0985, the United States changed from the world's largest creditor country to a debtor country, with the annual debt service reaching $264.9 billion, exceeding the social security expenditure ($245 billion) and becoming the third largest expenditure item after the national defense expenditure ($299.8 billion). 199 1 year, the American economic growth rate is negative for the first time since 1982. In addition to the high interest rate policy adopted by the United States in the early 1980s, the dollar rebounded briefly, but it basically went downhill. The poor economic situation in the United States is the real reason for the dollar's decline.

The special status of the US dollar determines the decline of the US dollar exchange rate, which will inevitably lead to the reduction of the value of a large amount of US dollar reserves held by developed countries, aggravate the balance of payments deficit of developing countries, reduce the oil income of oil exporting countries, and make the international monetary and financial markets constantly turbulent. The dollar crisis is frequent and the exchange rate fluctuation is intensified. Central banks of various countries often take advantage of the double financial risks of interest rate fluctuation and exchange rate fluctuation, which is also conducive to the development and perfection of the international financial futures market. Over the years, as an ideal hedging tool, foreign exchange futures contracts have been recognized and utilized by more and more people. The original West German mark can be freely exchanged from 1959. 1970, west Germany joined the European economic and monetary union, 1972, and announced that the fluctuation limit of the currency exchange rate of EU member States should not exceed 2. 25%. 1978 west Germany joined the European monetary system (EMS) and the European monetary unit (ECU). 1990 After the reunification of East and West Germany, the former Deutsche Mark became the unified monetary unit of Germany, which is now the Deutsche Mark.

The Second World War did great damage to the German economy. After the war, the German economy recovered and developed rapidly. During the period of 1965- 1980, it maintained a high level of economic growth of 3.5% per year and became a leader in western countries. Therefore, Mark's credit and international status have been continuously strengthened and improved, and it became one of the more sought-after hard currencies in the world in the 1960s. Germany has a high degree of industrialization and belongs to an export-oriented economy dominated by heavy industry. As a very important part of its economy, foreign trade has maintained a good momentum of development, with a surplus in foreign trade revenue and expenditure year after year. Although the reunification of Germany in 1990 had a certain impact on economic development, the economic growth rate of Germany in 199 1 year still reached 2.4%. After the reunification, enterprises in the eastern region are facing institutional transformation, and the unemployment rate remains high. Nevertheless, on the whole, the low inflation rate and the realistic exchange rate to maintain international competition still strongly support Mark. During the period of 1992, the exchange rate of the mark against the US dollar and the British pound reached a record level, which brought great shock to the European foreign exchange market. Recently, in order to stimulate economic development, the Bundesbank also adopted a loose monetary policy to lower interest rates.

Deutsche Mark futures trading is mainly conducted on Chicago Mercantile Exchange (CME).

form contract

Transaction unit: 125000 Deutsche Mark

Minimum price change: 0.000 1 mark (per contract 12.50 mark)

Maximum fluctuation limit of daily price: when the market opens (7: 20-7: 35 am), the price is limited to 150 points, and the price is not limited after 7: 35.

Contract months: 1, 3, 4, 6, 7, 9, 10, 12 and spot months.

Trading time: 7:20 am to 2: 00 pm (Chicago time). The closing time of the last trading day of the expired contract is 9: 00 am16, and the market will be closed early. Please contact the Exchange for details.

Last trading day: the morning of the second working day from the third Wednesday of the contract month.

Delivery date: the third Wednesday of the contract month.

Trading places: Chicago Mercantile Exchange (CME)