作为首批外资托管银行，汇丰银行积极参与中国期货市场开放，托管的QFI客户达276家，占全市场的 31%，完成首单QFI商品期货交易，也是首批参与QFI品种扩容交易的机构。 期货日报网讯（记者 吕双梅）8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中 国（郑州）国际期货论坛正式开启。在当日下午举行的对外开放论坛上，汇丰银行环球支付方案部产品 总监林达权深入剖析了托管行在期货市场对外开放进程中的关键角色与定位。 林达权表示，境外客户高度关注交易品种、开户效率、资金结算能力及服务水平。其中，产业客户侧重 所需套期保值的品种，投资类客户看重品种数量与覆盖面，QFI渠道因覆盖品种范围广较受青睐。同 时，开户周期、操作便利性以及银行全球化服务能力也是重要考量，境外客户习惯通过主办银行集中管 理资金，重视长期合作与服务响应速度。 林达权表示，未来汇丰银行将继续以市场服务提供者的身份，为境内外企业客户提供期货交易及日常支 付服务；持续深化与交易所合作，通过线上线下活动向境外推广中国期货市场。同时推进存管银行资格 申请，发挥全球网络优势，助力引入更多境外资金，为中国期货市场对外开放及长期发展贡献力量。 ...

据该负责人介绍，下一步，在吸引全球交易者参与境内期货市场方面，协会建议持续扩容特定品种，稳 步扩大开放"品种池"。在风险可控的前提下，以"成熟一个、纳入一个"的节奏，继续扩大特定品种范 围，优先将运行成熟、风险可控的期货期权品种纳入对外开放清单，使境外投资者能够沿用现有较为完 备、便利的制度规则，直接参与交易、交割和套保；同时配套优化跨境资金结算、保税交割网络等，进 一步降低交易者制度性成本。 （文章来源：新华财经） 新华财经郑州8月19日电（记者李丽静） 8月19日，2025中国（郑州）国际期货论坛上在郑州召开。中 国期货业协会相关负责人在论坛上表示，将在风险可控的前提下，持续扩容特定品种，方便境外投资 者。 近年来，我国期货市场在对外开放方面积极探索，取得了一系列重要成果，市场国际化程度逐步提升。 同时，相关制度规则不断完善，为境外交易者参与中国期货市场创造了更加便利的条件。自2018年首个 对外开放的期货品种原油期货上市以来，已形成覆盖能源、金属、农产品、航运等多领域的开放产品体 系。截至2025年7月底，共有特定品种24个。 ...

Core Insights - The 2025 China (Zhengzhou) International Futures Forum highlighted the current state of China's futures market, emphasizing its open structure and international participation [1][2] - The China Securities Regulatory Commission (CSRC) reported that the futures market has established three main modes of international openness: direct openness, Qualified Foreign Institutional Investor (QFI) participation, and settlement price authorization [1] Group 1: Market Structure and Participation - China's futures market has 24 internationalized products covering key categories such as crude oil, iron ore, and PTA, attracting over 1,000 foreign traders from 40 countries and regions [1] - A total of 91 futures and options products are included in the QFI trading scope, indicating a significant level of foreign engagement [1] Group 2: Market Impact and Global Position - The Shanghai crude oil futures market ranks among the top three globally, serving as a crucial pricing reference for crude oil trade in the Asia-Pacific region [1] - Approximately 40% of natural rubber imports are linked to the price of the 20th rubber futures, and about 30% of South American farmers reference the Dalian Commodity Exchange's No. 2 soybean futures price, showcasing the growing international influence of "Chinese prices" [1] Group 3: Future Outlook - The CSRC emphasized the need to balance openness with safety and to enhance trading convenience while deepening cross-border cooperation in the futures market [2] - Future plans include expanding the range of open products and improving trading accessibility [2]

人民财讯8月19日电，中国期货业协会相关负责人8月19日在2025中国(郑州)国际期货论坛上表示，将积 极参与跨境交易与监管协作相关制度研究，逐步夯实期货市场对外开放制度基础。协会将全力配合监管 部门开展境外机构参与境内市场、期货公司国际业务等相关研究，积极反映行业诉求，为监管部门提供 政策建议，助力监管部门完善跨境业务监管框架，推动期货行业国际业务合规、稳健发展。 ...

Core Viewpoint - The forum emphasizes the importance of advancing the high-level institutional opening of the futures market to enhance international competitiveness and influence, while serving the high-quality development of the real economy [1] Group 1: Market Opening - The opening of the futures market is essential for enhancing the influence of commodity prices [1] - Promoting the opening of the futures market will provide more futures and options products to the international market, optimize market rules, and attract more foreign participants [1] - This approach aims to leverage both domestic and international markets and resources to enhance the influence of commodity prices [1] Group 2: Supporting Enterprises - The deepening of market opening is a crucial tool for supporting domestic and foreign enterprises in their international operations [1] - There is an increasing demand from domestic and foreign industrial chain enterprises for risk management and pricing services [1] - High-level opening of the futures market will provide more effective hedging tools for enterprises and establish fair price benchmarks for cross-border trade, contributing to the stability of global industrial and supply chains [1]

"不断完善的PTA保税交割制度，降低了境外企业的参与成本，吸引了更多境外产业企业参与PTA期货 交易。这既为国内供应商拓宽了国际市场，也为境外参与者提供了便捷的交割渠道，促进了国内外企业 的交流合作。"徐际恩说。 在浙江万凯新材（301216）料股份有限公司（以下简称万凯新材料）副总经理陈灿忠看来，郑商所的出 口型保税交割制度意义重大。该制度允许企业用保税仓单进行交割，无需完成全部完税流程，不仅提升 了交付效率，还方便企业灵活调整交割方式与仓储布局。 以万凯新材料与某南美客户的合作为例，一套成熟的合作闭环已然形成：南美客户下达采购订单后，万 凯新材料参考郑州期货价格报价，同时根据订单量锁定原料价格，再结合订单安排生产、对接海关完成 出口；货款采用"20%定金+80%见提单支付"模式，确保结算顺畅。 据了解，2025年9月，逸盛石化旗下子公司逸盛大化与ITG的首单PTA保税交割将正式落地。通过滚动交 割模式，货物从工厂直达保税仓库，境外买方凭仓单即可提货。这张被喻为中国PTA"国际通行证"的仓 单，不仅让货物跨境流动更便捷，更像一把钥匙，打开了中国期货市场与全球产业链深度融合的大门， 使"郑州价格"借助市场化规 ...

Group 1 - The opening of the futures market has transformed the pricing power and risk management capabilities of companies in the PTA industry, allowing for more precise judgment and risk control through global price signals [1][3] - The influence of the "Zhengzhou price" has increased, with more export contracts adopting the "Zhengzhou futures price + premium/discount" model, enhancing pricing power [1] - The risk management function has been upgraded due to the increased participation of international players, leading to a more responsive domestic futures market to international factors [1] - Customer relationships have been restructured, with the introduction of "futures price locking + bonded delivery" replacing traditional negotiation methods, significantly improving cooperation efficiency [1][3] - There has been a shift in mindset from fearing market volatility to seeking opportunities within that volatility, prompting companies to transition from "factories" to "global supply chain operators" [1] Group 2 - Before the opening of the futures market, international trade relied heavily on opaque pricing and long-term contracts, leading to challenges in price transparency and risk management [5] - The introduction of the PTA futures market has allowed for a transparent pricing model where customers can lock in prices before signing contracts, effectively hedging against raw material price fluctuations [5] - The export-oriented bonded delivery system has improved efficiency in the delivery of goods, addressing issues such as logistics delays and trust crises [5] - Companies are now integrating various futures tools, such as bottle chip futures, to establish a comprehensive cost and profit management system, anticipating further internationalization of bottle chip futures [5]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum will focus on empowering the real economy and supporting national construction through high-quality development of the futures market, addressing the increasing demand for risk management in the current uncertain global environment [1][2]. Group 1: Forum Overview - The forum will be held on August 19-20, 2025, and is co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange Group, gathering various stakeholders including government departments, regulatory agencies, industry associations, enterprises, financial institutions, and experts [1]. - The theme of the forum emphasizes the role of the futures market as a stabilizer and toolbox for risk management, crucial for supporting the real economy and national strategies across agriculture, manufacturing, and international trade [1][2]. Group 2: Industry Insights - The forum aims to explore how to transform uncertainties in economic development into certainties, enhancing the quality of support for the real economy and national construction [2]. - High-level opening of the futures market is seen as essential for building a new development pattern and achieving modernization, with significant progress noted in recent years regarding foreign participation in commodity futures and options [2]. Group 3: Practical Applications - The forum's discussions will address the needs of real enterprises, with a focus on practical applications of futures tools for export pricing and profit locking, particularly in the petrochemical industry [3]. - Successful case studies from companies utilizing domestic futures contracts for export pricing will be highlighted, demonstrating the effectiveness of futures in supporting trade and enhancing operational efficiency [3]. Group 4: Sub-forums and Key Topics - In addition to the main forum, there will be four sub-forums covering topics such as foreign opening, risk management for industrial enterprises, and specific agricultural and industrial products [4]. - Notable speakers will include experts from various sectors, discussing themes related to high-quality economic development, the futures industry's role in national construction, and global trends in the derivatives market [4]. Group 5: Future Outlook - The 2025 China (Zhengzhou) International Futures Forum is positioned as a significant event for the global futures and derivatives industry, serving as a platform for high-quality development and integration of futures with national construction efforts [5].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has officially released an international version of its business rules to facilitate the participation of foreign entities in its futures market, aiming for a higher level of openness and integration with global markets [1][2]. Group 1: Internationalization of Business Rules - The new rules are designed to establish a robust institutional framework for the inclusion of foreign participants, intermediaries, and clients in the futures market [2][3]. - The SHFE has approved the "Management Measures for Foreign Special Participants" and 34 revised business rules, which will take effect on August 8, 2025 [3]. Group 2: Key Objectives of the Internationalization - The overall strategy includes enhancing the internationalization of the SHFE platform, facilitating foreign participation in trading processes, and promoting the international use of the Renminbi (RMB) [3][4]. - The rules aim to explore a unique regulatory framework and business model for futures trading in China, improving delivery systems and providing replicable experiences for future internationalization [3]. Group 3: Specific Changes in Business Rules - The internationalization effort involves the formulation and revision of 35 second-level business rules, including the establishment of the "Management Measures for Foreign Special Participants" and revisions to 15 management measures and 19 business details for listed futures [3][4]. - Key areas of improvement include market access, trading, settlement, risk control, and delivery mechanisms, with clear specifications for foreign participants' entry and trading processes [4]. Group 4: Future Steps - The SHFE plans to continue its cautious and orderly approach to opening up, ensuring market stability while gradually including eligible commodity futures and options in the scope of foreign participation [4].

Core Viewpoint - China's futures market is undergoing a new round of opening, allowing qualified foreign institutional investors (QFII/RQFII) to expand their investment scope, particularly in ETF options trading starting from October 9, 2025, aimed at hedging purposes [1][2]. Group 1: Policy Changes and Market Expansion - The China Securities Regulatory Commission (CSRC) announced that from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, with a focus on hedging [1]. - The CSRC plans to introduce more reforms to optimize the QFII system, enhancing the attractiveness and convenience for foreign institutional investors [1][3]. - Following the announcement, domestic futures exchanges quickly responded by expanding the range of products available for qualified foreign investors, effective from June 20, 2025 [1][2]. Group 2: Increased Product Offerings - A total of 16 new commodity futures and options contracts have been added, increasing the number of tradable products for qualified foreign investors from 75 to 91, which now represents over 60% of the total listed futures and options products in China [2][4]. - The CSRC aims to expand the total number of tradable futures and options for QFII to 100, reflecting a strong commitment to opening up the capital market [2][4]. Group 3: Historical Context and Future Outlook - The opening of the futures market to foreign investors has been a gradual process, with significant policy changes occurring since September 2020, allowing for broader participation in financial futures, commodity futures, and options [3][4]. - The number of foreign clients participating in the futures market has steadily increased, with a 17% year-on-year growth in effective foreign clients and a 28% increase in foreign client positions by the end of 2024 [4][5]. - Experts believe that the recent policy changes signify a new phase of diversification in tools and refined risk management in China's futures and derivatives market, potentially positioning it as a global pricing center [5].