The Manila Galleon System and the Emergence of Global Commodity Hedging

马尼拉大帆船体系与全球商品套期保值的兴起

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Operating from 1565 to 1815, the Manila–Acapulco galleon route linked Ming silver demand with New World mining output through biannual voyages averaging eight months duration and 40% cargo loss rates.
Merchants in Manila developed forward contracts denominated in silver pesos but settled in Chinese silks, Philippine cinnamon, or Mexican cochineal—hedging against both monsoon delays and piracy-induced shortages.

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