八月中州，高朋满座。2025中国（郑州）国际期货论坛在各方的期待中启幕，并在热烈掌声中落下帷 幕。本届论坛以"开放"与"风险管理"为关键词，来自监管机构、境内外交易所以及产业界的众多代表集 聚一堂，围绕中国期货市场高水平对外开放、创新赋能实体经济发展等热点话题深入交流，共同描绘期 货市场国际化发展与期现深度融合的新蓝图。 凝聚共识，开放迈入新阶段 论坛上，各方嘉宾一致认为，持续扩大开放是中国期货市场行稳致远的重要路径。中国期货业协会党委 书记、会长杨光表示，期货市场高水平对外开放不仅是构建新发展格局、增强国内国际两个市场联动效 应的关键环节，更是落实党中央决策部署的具体实践。 郑商所相关负责人也表示，推进期货市场对外开放能够为国际市场提供更多的期货和期权产品供给，吸 引更多境外客户参与，提升大宗商品价格的影响力。 期货日报记者从论坛上了解到，中国期货市场在对外开放领域取得了一系列重要成果。一是"引进来"。 自2018年首个对外开放期货品种原油期货上市以来，截至2025年7月底，境内已有24个特定品种，覆盖 能源、金属、农产品、航运等领域。摩根大通期货、瑞银期货、摩根士丹利期货等期货公司已实现 100%外资持股 ...

此外，张英军还强调了加强境外投资者教育的重要性。他表示，境外投资者对中国市场规则的理解可能 存在偏差，建议监管部门与交易所联合推出多语种投教平台，提供在线培训与模拟交易工具，并支持期 货公司开展路演，帮助境外投资者快速适应中国市场。 业界人士共话期货市场对外开放 日前，由期货日报和产业服务联盟共同主办的"2025期货市场高质量发展座谈会"在郑州举行。来自期货 行业、产业领域的嘉宾在会上聚焦期货市场在新时代的使命，共同探讨期货市场如何通过"引进 来"与"走出去"双向发力提升国际竞争力，服务高水平对外开放。 深化开放助力期市高质量发展 "期货市场的高水平开放，是提升国际竞争力、服务国家更高层次开放的必然要求。"《期货日报》社有 限公司董事长李欣在致辞时表示，近年来，国内期货市场国际化进程加速：境内特定品种期货通过引入 境外交易者，实现价格影响力的全球辐射；期货交易所在境外设立交割仓库，构建跨境物流网络。这种 开放创新不仅拓展了市场深度，而且使中国期货价格成为全球贸易定价的重要参考。 "近年来国际大宗商品市场发生的风险事件，后续发展均呈现向中国市场价格回归的趋势，这充分彰显 了中国市场的影响力与规则公平性。"上海市 ...

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，期货日报承办的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（中国）有限公司（下称汇丰中 国）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，合格境外投资者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。 作为首批外资托管银行，汇丰中国积极参与中国期货市场对外开放，托管的合格境外投资者客户达276 家，占全市场的31%，完成首单合格境外投资者商品期货交易，也是首批参与合格境外投资者品种扩容 交易的机构。 林达权表示，未来汇丰中国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；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 ...

中国期货业协会党委书记、会长杨光在致辞中表示，我国作为全球最重要的大宗商品消费国之一，在原 油、铁矿石、大豆等大宗商品上的对外依存度较高。开放的期货市场有助于形成真正反映亚太市场供需 的"中国价格"，提升我国在重要大宗商品的全球价格影响力，为我国初级产品国际贸易提供更为公平合 理的价格基准。同时，这也有利于降低企业跨境交易成本，推动产业链、供应链在全球范围内的高效配 置与深度融合，为构建开放有序、普惠包容的开放型世界经济贡献力量。 "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。"杨光建 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，可以以"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。 郑州商品交易所（以下简称郑商所）相关负责人在致辞时表示，对外开放是提升大 ...

期货日报记者在论坛上了解到，我国对外开放成效显著，上海原油期货市场规模稳居全球前三，成为亚 太地区原油贸易的重要定价参考；挂钩20号胶期货价格的跨境贸易约占天然橡胶进口量的40%，约30% 的南美农民参考大商所黄大豆2号期货报价，"中国价格"国际影响力持续提升。 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，中国证监会期货监管司张博表示， 当前我国期货市场已形成"直接开放为主、多元路径为辅"的开放格局，特定品种成为开放的主渠道。 张博表示，期货市场开放需统筹平衡开放与安全、当前与长远、在岸与离岸等多元目标，顺应公开市场 价格发现机制，依赖各方共同努力。"我们将持续推动中国期货市场对外开放。未来我国期货市场开放 品种范围将进一步拓宽，交易便利性将持续增强，跨境交流合作将不断深化。" 张博称，我国期货市场已构建起直接开放、合格境外投资者(QFI)参与、结算价授权三种对外开放模 式。截至目前，境内期货市场国际化品种达24个，覆盖原油、铁矿石、PTA等重点品类，吸引了来自40 个国家和地区的1000多名 ...

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 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].

Core Viewpoint - The article highlights the acceleration of China's futures market opening to foreign investors, with significant measures being implemented to expand the range of products available for Qualified Foreign Institutional Investors (QFII) [1][2]. Group 1: Expansion of QFII Trading Products - The China Securities Regulatory Commission (CSRC) plans to increase the number of QFII tradable futures and options to 100, with recent announcements adding 16 new products [1][2]. - The newly added products include natural rubber, lead, tin futures and options from the Shanghai Futures Exchange, as well as ethylene glycol and liquefied petroleum gas from the Dalian Commodity Exchange, and glass, soda ash, and silicon iron from the Zhengzhou Commodity Exchange [2]. Group 2: Current Market Statistics - As of now, the total number of QFII tradable products has reached 91, comprising 83 commodity products (45 futures and 38 options), 7 financial products (4 futures and 3 options), and 1 index product [2]. Group 3: Future Developments - The CSRC is collaborating with the central bank to introduce RMB foreign exchange futures, which will help financial institutions and enterprises manage exchange rate risks more effectively [2]. - Plans are also in place to promote the listing of liquefied natural gas futures and options, enhancing the ease of foreign participation in China's capital market [2]. Group 4: ETF Options Trading - Starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, with the purpose limited to hedging [3]. Group 5: Ongoing Reforms - The CSRC has been progressively relaxing restrictions for qualified foreign investors in domestic commodity futures, options, and ETF options this year, with more reforms expected to enhance the institutional opening of the capital market [4].

Core Viewpoint - The article highlights significant changes in the leadership of several futures companies and reports a substantial increase in the profitability of the futures industry in China, indicating a positive trend in the sector's performance [2][9]. Group 1: Leadership Changes - The China Futures Association announced a new batch of qualified personnel for futures company executives, including proposed chairpersons for Zhongtai Futures, Southwest Futures, and Huazheng Futures [1]. - Zhongtai Futures plans to appoint Lü Xiangyou as its new chairman, who has extensive experience within Zhongtai Securities [4]. - Southwest Futures will have Chen Li as its new chairman, marking a significant milestone as she is one of the few female executives in the futures industry [5]. - Huazheng Futures is set to appoint Lu Feng as its chairman, who has a strong background in Huazheng Securities [6]. - Additionally, three other futures companies are changing their general managers, affecting a total of 15 companies and 19 executives [6]. Group 2: Industry Performance - In February, the net profit of 151 futures companies reached nearly 500 million yuan, reflecting a significant year-on-year increase of 68% [2][9]. - The total operating revenue for February was 2.542 billion yuan, surpassing previous years' figures, indicating improved profitability in the sector [9]. - Factors contributing to this strong performance include a rebound in market trading volume and improved self-investment returns for some futures companies [9]. - The expansion of the futures market's accessibility for foreign institutional investors (QFII and RQFII) has broadened the range of tradable products, enhancing the market's international influence [9].