聚酯期货板块国际化获批 实现产业链协同开放

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the inclusion of several futures and options products related to the polyester industry for foreign traders, aiming to enhance the internationalization of the polyester sector and improve risk management for domestic enterprises [1][2]. Group 1: Regulatory Developments - The CSRC has added futures and options for paraxylene (PX), bottle chips, short fibers, and purified terephthalic acid (PTA) to the list of specific products for foreign traders [1]. - The CSRC will supervise the relevant futures exchanges to ensure a smooth introduction of these products for foreign participation [1]. Group 2: Industry Context - China's polyester industry is the largest in the world, with a projected capacity of 89.035 million tons by 2025, accounting for approximately 60% to 70% of global capacity [1]. - The global polyester fiber production is expected to reach 71 million tons by 2025, with China holding over 70% of the market share [1]. Group 3: Market Dynamics - The polyester sector has experienced increased price volatility due to global supply chain restructuring, leading to heightened demand for diversified risk management solutions such as cross-border pricing and hedging [1]. - The PTA futures market has been operational since 2018, with over 90% of PTA production and 70% of polyester enterprises participating, establishing PTA prices as a key reference for global polyester trade [2]. Group 4: Internationalization Efforts - The internationalization of the polyester sector is seen as a crucial part of the high-level opening of the futures market, enhancing the pricing efficiency and competitiveness of China's polyester industry on a global scale [2][3]. - Nearly 800 foreign clients from 33 countries have opened accounts at the Zhengzhou Commodity Exchange (ZCE), and the ZCE has signed cooperation memorandums with 12 foreign exchanges to facilitate the internationalization of the polyester sector [3].