Nanhua Futures(SH:603093) Qi Huo Ri Bao·2025-08-13 04:10Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum, co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange, aims to enhance the internationalization of China's futures market, focusing on high-level openness and attracting global financial institutions and enterprises [1][5]. Group 1: Market Opening and Internationalization - Since the implementation of the Futures and Derivatives Law, the legal foundation for the opening of China's futures market has become increasingly solid, with clear cross-border regulatory cooperation mechanisms [1]. - The internationalization of China's futures market is a composite product of the country's opening-up strategy, the real needs of the实体经济, and financial market institutional innovation [1][4]. - The current internationalization paths are complementary, with specific products enhancing pricing influence and QFII/RQFII improving market liquidity [1][2]. Group 2: Benefits of International Participation - The gradual and controlled opening model allows for the introduction of mature futures products, ensuring stable market operation while balancing the "bringing in" and "going out" strategies [2][4]. - The introduction of foreign traders enhances market liquidity and improves pricing capabilities, providing favorable conditions for enterprises' hedging and spot business [4]. - The participation of foreign investors in RMB-denominated internationalized products indirectly promotes the use of RMB in global commodity trade, extending the internationalization of the currency [2][5]. Group 3: Impact on Enterprises - The internationalization of the futures market significantly improves operational efficiency for enterprises, with simplified approval processes for foreign traders and enhanced cross-border trading efficiency [4]. - The demand for international risk management tools from China's实体经济 creates substantial opportunities for collaboration between foreign institutions and Chinese enterprises [5]. - The forum will showcase various case studies on the integration of production and finance, highlighting the practical applications of futures in cross-border trade [3][5]. Group 4: Future Prospects and Innovations - The forum is expected to facilitate discussions on optimizing the high-level opening paths of the domestic futures market and enhancing the global pricing influence of "Zhengzhou prices" [5][6]. - There is a focus on strengthening cooperation with foreign exchanges and clearinghouses, as well as leveraging technological innovations to upgrade cross-border trading systems [6]. - The expansion of QFII and RQFII tradable futures and options products indicates a favorable environment for further opening of China's futures market [6].