Overall, there are 23 types of commodity futures that allow qualified overseas institutional investors and qualified RMB overseas institutional investors to participate this time, including crude oil, methanol, gold, palm oil, iron ore, etc.;

picture According to Dalian Commodity Exchange official website

html On the evening of September 2, five major domestic futures exchanges (i.e. Shanghai Futures Exchange , Zhengzhou Commodity Exchange , Dalian Commodity Exchange , China Financial Futures Exchange , and Shanghai Energy Exchange) issued "Announcements on the participation of qualified overseas institutional investors and RMB qualified overseas institutional investors in commodity futures and options contracts".

Overall, there are 23 commodity futures that allow qualified overseas institutional investors (QFII) and RMB qualified overseas institutional investors (RQFII) to participate, including crude oil, methanol , gold, palm oil , iron ore, etc.; there are 16 options contracts, including gold, copper, crude oil, etc.; in addition, there are stock index option contracts of the China Financial Futures Exchange.

Figure According to the announcement of the five major domestic futures exchanges

The five major domestic futures exchanges also issued the "Notice on Doing a Good Job in Matters Related to the Trading of Qualified Foreign Institutional Investors and Qualified RMB Overseas Institutional Investors in Commodity Futures and Options Contracts".

Take Dalian Commodity Exchange as an example. Tianmu News reporter saw in the notice that Dalian Commodity Exchange stated that banks with the qualification of Dalian Commodity Exchange's domestic customers' futures margin deposit custody business can directly engage in futures margin deposit custody business for qualified overseas investors, including 15 banks including Industrial and Commercial Bank of China , China Construction Bank , China Construction Bank , China Bank and other banks. Except for China Securities Investment Corporation, other energy exchanges have domestic futures margin designated deposit bank ranging from 7 to 13 companies.

"At present, the breadth of my country's futures market is constantly expanding, and the market transaction scale is growing exponentially, and it is gradually moving towards a mature futures market. The further opening of the derivatives market to QFII and RQFII can make the domestic and foreign prices closer together, and it 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 reporters that, for example, some overseas institutional investors from the main producers of commodities will obviously drive the trend of related futures prices after entering.

In fact, when the derivatives market is not fully open to QFII and RQFII, traders are only limited to Chinese tax residents. If overseas traders want to participate in the transaction of "specific varieties" such as crude oil, they need to open a "non-resident account (NRA)" in a domestic bank. After transferring overseas funds, they also need to open a corresponding derivatives trading account under the NRA account before they can conduct futures trading.

"After this opening, it will be more convenient for overseas funds to participate in transactions, which will increase liquidity while also helping the internationalization process of the RMB." The person from the above-mentioned futures company said that because option contracts also need to be made in combination with spot, 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 Qualified Overseas Institutional Investors and RMB Qualified Overseas Institutional Investors Participating in Financial Derivatives Trading", which stated that "Qualified Overseas Investors are allowed to trade commodity futures, commodity options, and stock index options contracts that are listed and traded in futures trading venues approved by the State Council or the China Securities Regulatory Commission. The purpose of participating in stock index options is limited to hedging. Value transactions." ”

html On the morning of September 2, Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, clarified a number of measures to deepen the opening up of the capital market at the 2022 China International Finance Annual Forum, including: "steadily expand the international varieties of commodities and financial futures international products, support the implementation of futures product settlement price authorization cooperation, and realize diversification of the opening path of the futures market."

Fang Xinghai said that in terms of futures, as of August 26, the customer equity of overseas investors in the stock index futures market was 31.755 billion yuan, and the customer equity of crude oil futures, iron ore futures , PTA futures, No. 20 rubber, palm oil, international copper, and low-sulfur fuel oil futures markets totaled 21.297 billion yuan. Foreign investment in my country's capital market shows obvious resilience.