从“上海价格”走向“世界市场”，上期所打造全球定价新锚点

Core Insights - The Shanghai Futures Exchange (SHFE) has expanded its internationalization strategy since the launch of its first internationalized product, crude oil futures, in 2018, with various other futures and options now available for global investors [1][3][4] - The exchange aims to enhance its global influence in commodity pricing, with the "Shanghai price" becoming increasingly significant in the international market [1][4] Group 1: Internationalization and Product Offerings - As of now, SHFE has listed 25 futures and 18 options, with five products, including crude oil and international copper, directly accessible to foreign investors [3][4] - The number of foreign participants has been growing at a double-digit rate annually, with a projected 20% increase in specific foreign client numbers by the end of 2024 [5] - The exchange has established a multi-layered product system for foreign participation, with clients from over 30 countries and regions, including major industry players and investment banks [4][5] Group 2: Market Impact and Participation - SHFE's copper futures have become one of the three major pricing centers for non-ferrous metals globally, reflecting the exchange's growing influence [4] - The average daily trading volume of foreign clients in Shanghai crude oil futures is expected to exceed 20% by 2024, with foreign clients holding nearly 40% of daily positions [5] - The application of SHFE prices in various trading scenarios is increasing, with significant volumes of contracts using 20 rubber pricing in cross-border trade [5] Group 3: Future Developments - SHFE is actively working on further internationalization, with new business rules set to be implemented by mid-2025 to facilitate the participation of foreign entities [6] - The exchange's ongoing efforts aim to create a robust institutional framework that supports the inclusion of foreign participants in its trading ecosystem [6] - The continuous enhancement of its international product offerings positions SHFE as a key player in promoting China's financial openness and improving commodity pricing influence globally [6]