新华财经北京10月31日电（王菁）新华财经31日获悉，"互换通"新增华泰证券、上海银行、星展银行 （中国）三家报价商。 "互换通"是境内外投资者通过内地与香港基础设施机构连接，参与两地金融衍生品市场的机制安排。其 中，交易端由外汇交易中心为境内外投资者提供衍生品交易服务，支持境外投资者通过中国人民银行认 可的境外第三方电子交易平台接入；清算端由上海清算所与香港交易及结算所有限公司旗下的香港场外 结算有限公司（OTCC）通过中央对手方互联方式，共同为境内外投资者提供集中清算服务。 据悉，"互换通"通过交易清算一体化的机制安排，为境内外投资者参与两地金融衍生品市场提供了更为 便捷、高效、安全的渠道。自"互换通"业务上线以来，截至2025年9月末，已有来自15个国家和地区的 103家境内外投资者参与，累计达成交易1.6万笔，名义本金8.58万亿元。 9月25日，中国人民银行邹澜副行长在香港固定收益及货币论坛上宣布，将扩充"互换通"报价商，优化 报价商管理机制。为加快配合"互换通"报价商扩容，进一步提升"互换通"市场活力，相关基础设施及时 完成各项清算准备工作，全力支持"互换通"新增报价商开展业务。 新华财经从上海清 ...

Core Viewpoint - The Chinese futures market remains active, with a significant increase in trading volume and value, particularly in precious metals and financial futures, despite a slight decline in trading volume in September 2025 [1][5]. Trading Volume and Value - In September 2025, the national futures market recorded a trading volume of 770 million contracts and a trading value of 71.50 trillion yuan, showing a year-on-year decrease of 3.03% in volume but a growth of 33.16% in value [1]. - For the first three quarters of 2025, the cumulative trading volume reached 6.744 billion contracts, with a total trading value of 54.762 trillion yuan, reflecting year-on-year increases of 18.29% and 24.11% respectively [2]. Exchange Performance - The Shanghai Futures Exchange had a trading volume of 193 million contracts and a trading value of 20.27 trillion yuan in September, accounting for 25.1% and 28.35% of the national market, respectively [3]. - The Zhengzhou Commodity Exchange reported a trading volume of 262 million contracts, representing 33.98% of the national market, while the Dalian Commodity Exchange showed a trading volume of 215 million contracts, indicating a year-on-year increase of 4.68% [3]. - The China Financial Futures Exchange (CFFEX) demonstrated exceptional performance with a trading volume of 35.15 million contracts and a trading value of 29.62 trillion yuan, marking year-on-year increases of 54.59% and 89.74% [4]. Sector Contributions - Precious metals and financial futures were the largest contributors to the trading value, with precious metals seeing a month-on-month increase of 108% in trading value [6]. - The financial futures sector experienced a significant increase in trading activity, driven by heightened market volatility and investor demand for risk management tools [7]. Market Resilience and Client Growth - The Chinese futures market has shown strong resilience amid global economic uncertainties, with the number of effective clients surpassing 2.7 million, a year-on-year increase of 14% [9]. - The market structure is becoming more diversified, with notable growth in both institutional and foreign clients, indicating a robust foundation for future development [9].

Core Viewpoint - The significant rise in gold prices in 2023, from 620 CNY per gram to a peak of 836 CNY per gram, has sparked a nationwide investment trend in gold, reminiscent of the "golden aunt" phenomenon in 2013, raising questions about the sustainability of this trend [2] Historical Context of Gold Price Surges First Phase (1970-1980) - Gold prices surged from 35 USD to 850 USD, marking a 2300% increase following the collapse of the Bretton Woods system [4] - This phase led to global central banks adjusting their foreign exchange reserves, increasing gold purchases and challenging the dollar's dominance [5] - Gold production entered an expansion cycle, with countries like South Africa and Russia ramping up mining activities [5] - The oil crisis and high inflation positioned gold as a key asset against currency devaluation [5] - The Federal Reserve was compelled to adopt aggressive interest rate hikes, reaching 20%, to curb inflation, which ultimately ended the gold bull market but initiated the development of modern financial derivatives like gold futures [5] Second Phase (2008-2011) - Following the 2008 financial crisis, gold experienced a second bull market with a 166% increase [7] - The demand for gold as a safe haven led to the democratization of investment, exemplified by the rise of gold ETFs and regular central bank gold purchases [7] - The consumer market saw structural changes, with high gold prices driving a shift towards lightweight jewelry and innovations in gold leasing and collateral financing [7] Third Phase (2018-Present) - The current bull market, driven by geopolitical tensions and policy conflicts, has seen gold prices rise over 100% from 2018 to 2025 [9] - Increased market volatility and speculative trading in futures markets have been observed, with COMEX gold futures premiums reaching 60 USD per ounce and physical inventory surging by 18.6 million ounces in a month [9] - Competition from alternative assets has become more pronounced, with significant growth in platinum orders and a 30% increase in sales of K-gold and silver jewelry in China [9] - Fluctuations in monetary policy have led to a shift in the correlation between gold and U.S. equities, reflecting gold's dual role as a safe haven and a risk asset [9]