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I. Basic Scenarios of the futures market in 2005
(1) Trading volume of the futures market
to In 2003 China’s futures market began to growth in a restorative way and the year’s trading hit an all-time high, exceeding that of 1995 with a total trading volume of 1.08 billion yuan and the total trading volume of nearly 280 million lots, increased by respectively 175％ and 100％ compared with 2002. In 2004 the futures market climbed up to a new level, ushering up the successful listing of cotton, fuel oil, corn and NO. 2 YELLOW soybean one after another in the three futures exchanges. Influenced by the bullish market patterns on the globe, the futures market again grew on a large scale in terms of the trading volume, and the annual trading volume of all kinds of futures contracts approximated to 1.469 billion yuan, up 35.56％ compared with the previous year with the total trading volume up to 305.6976 billion lots, increased by 9.23 ％ compared with the previously. In 2005 there were no newly listed futures products but the trading volume of China’s futures market in 2005 rose by 5.61％ with32.28475 million lots. Although the total trading volume in the domestic futures market gained a growth momentum by a certain margin, yet there appeared trading shrinkage of copper, aluminum, No. 1 Yellow Soybeans. On the other hand, although the trading varieties increased, yet the market scale remained the same without much change. On the very contrary, the total trading volume of the futures trading categories plummeted, decreased by 8.50% with 1.344 billion yuan (See Figure 1) in terms of trading volume, so the growing momentum of the futures market lessened considerably.