The Study On Mechanism Of Transmission On International Gold Market To Chinese Gold Futures Price

China’s gold production has been the world’s first place for seven consecutiveyears, and the position of the first gold consumption is sacrosanct as well. As acountry connects with gold for such a long history, however, the development ofChina’s gold market is left behind, the real gold market takes shape just for more thana decade. Nevertheless, in the process of internationalization, as the constantimprovement of Chinese financial system, the gold market is open to the world, themarket gradually takes the place of the government to determine the gold price. Then,what the international gold market exactly effect on China’s gold market in recentyears, especially on the rising of China’s gold futures market, the international goldmarket how to make the transmission to China’s gold futures prices and how it effects,if there is any reference, this thesis is study on mechanism of transmission oninternational gold market to Chinese gold futures price, which will give the answersto these questions one by one.First of all, this thesis elaborates research background, research significance,research methods and innovation points of the study on mechanism of transmissionon international gold market to Chinese gold futures price, on the basis of combingrelated research at home and abroad, putting forward the framework of the full thesisand expanding the central content; then introducing the core concept, the history ofgold market, target market and the classical theory, laying a solid theoreticalfoundation for the research of this thesis; accordingly, uncovering the core of thisthesis--study on mechanism of transmission on international gold market to Chinesegold futures price, and because of the mechanism influenced by many factors, theyare analysed one by one; moreover, by using metering method such as descriptivestatistics, single test, granger causality test and cointegration relationship test anderror correction model and so on to make an empirical analysis of the mechanism oftransmission, finding the transmission on international gold market to Chinese goldfutures price is a one-way effectively, and that’s the key of the thesis; according to theempirical results, realizing the meaning and the defects produced by the transmission mechanism, exploring the causes and putting forward the corresponding policyrecommendations to improve the transmission mechanism and promote thedevelopment of China’s gold futures market; in the end, summarizing the full thesis,and putting forward deficiency and the research space in the future.