According to Dalian Commodity Exchange official website
On the evening of September 2, the five major domestic futures exchanges (ie Shanghai Futures Exchange , Zhengzhou Commodity Exchange , Dalian Commodity Exchange , China Financial Futures Exchange , Shanghai Energy Exchange) have released the "Announcement on Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors 's Participation in Commodity Futures and Options Contracts". Overall, 23 commodity futures are allowed to participate in Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII), including crude oil, methanol, gold, palm oil, iron ore. There are 16 options contracts, including gold, copper, crude oil, etc.; in addition, there are stock index options contracts on the China Financial Futures Exchange.
Figure According to the announcement of the five major domestic futures exchanges
The five major domestic futures exchanges released the above announcement at the same time, and also released the "Related Matters Concerning the Participation of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors in Commodity Futures and Options Contract Trading" announcement of".
Taking DCE as an example, a Tianmu news reporter saw in the notice that DCE indicated that banks qualified for DCE domestic customer futures margin depository business can directly engage in futures margin depository business for qualified foreign investors. 15 banks including Industrial and Commercial Bank of China , China Construction Bank , China Bank and other banks. In addition to the CFFEX, the number of designated depository banks for domestic customer futures margins of other energy exchanges ranges from 7 to 13.
"At present, the breadth and depth of my country's futures market continues to expand, the scale of market transactions has doubled, and it is gradually moving towards a mature futures market. The further opening of the derivatives market to QFII and RQFII can make the connection between domestic and foreign prices more The closeness is also conducive to expanding the international influence of my country’s futures market and derivatives market.” A person from a domestic futures company who did not want to be named told Tianmu News, for example, after some foreign institutional investors from major producers of commodities entered, It will obviously drive the trend of related futures prices.
In fact, when the derivatives market is not fully open to QFII, RQFII, traders are limited to Chinese tax residents. If overseas traders want to participate in the trading of "specific varieties" such as crude oil, they need to open a "non-resident account" in a domestic bank. (NRA)”, after the transfer of foreign funds, it is necessary to open a corresponding derivatives trading account under the NRA account to conduct futures trading.
"After this opening, it will be more convenient for overseas funds to participate in transactions, which will increase liquidity and help the internationalization process of the RMB." The above-mentioned person from the futures company said that because the options contract also needs to be combined with the spot, in Under the relatively stable performance of the RMB exchange rate, more commodity transactions will be settled in RMB.
In fact, on October 13 last year, China Securities Regulatory Commission issued the "Announcement on the Participation of Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors in Financial Derivatives Transactions", which stated that "the new addition allows qualified foreign investment. Traders can trade commodity futures, commodity options, and stock index options contracts listed on futures trading venues approved by the State Council or the China Securities Regulatory Commission. The purpose of participating in stock index options trading is limited to hedging transactions.”
On the morning of September 2, Vice Chairman of the China Securities Regulatory Commission At the China International Finance Forum in 2022, Fang Xinghai clarified a number of measures to deepen the opening up of the current capital market, including: "Steady expansion of the internationalized varieties of commodities and financial futures, and support for the development of futures and products. The settlement price authorized cooperation to realize the diversification of the opening of the futures market.”
Fang Xinghai said that in terms of futures, as of August 26, the customer rights and interests of foreign investors in the stock index futures market were 31.755 billion yuan, and in crude oil futures, The customer's rights and interests in the iron ore futures , PTA futures, TSR 20, palm oil, international copper, and low-sulfur fuel oil futures markets totaled 21.297 billion yuan. Foreign investment in my country's capital market has shown obvious resilience.
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