Core Viewpoint - The China Securities Regulatory Commission has announced the addition of 14 specific futures and options products for foreign traders, including various polyester-related futures and options, to enhance risk management and internationalization of the polyester sector [1][2] Group 1: Industry Overview - China's polyester industry remains the largest in the world, with a complete industrial chain encompassing production, trade, and processing [1] - The industry has faced increased price volatility due to global supply chain restructuring and accelerated overseas capacity expansion, leading to heightened risk management pressures from cross-border price and exchange rate fluctuations [1] Group 2: Market Development - The internationalization of the polyester sector is a key component of the high-level opening of the futures market, complementing existing polyester futures and options markets, which enhances investor structure and price discovery efficiency [2] - There are currently nearly 800 foreign clients from 33 countries and regions that have opened accounts at the Zhengzhou Commodity Exchange, which has signed memorandums of understanding with 12 foreign exchanges to facilitate the internationalization of the polyester sector [2] Group 3: Future Plans - The Zhengzhou Commodity Exchange plans to continue preparations under the guidance of the China Securities Regulatory Commission, focusing on market cultivation and investor education to ensure the smooth and stable operation of the internationalization of the polyester sector [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the inclusion of specific futures and options related to the polyester industry for foreign traders, aiming to enhance risk management and internationalization of the polyester sector [1][2]. Group 1: Regulatory Developments - The CSRC has determined that the Zhengzhou Commodity Exchange (ZCE) will allow foreign participation in futures and options for paraxylene (PX), bottle chips, short fibers, and purified terephthalic acid (PTA) [1]. - The ZCE has been gradually opening up the polyester sector, with PTA futures being the first chemical futures introduced to foreign traders since 2018, which has stabilized market operations and established PTA prices as a global reference for polyester trade [2]. Group 2: Industry Insights - China's polyester industry is the largest globally, with a projected capacity of 89.035 million tons by 2025, accounting for 60% to 70% of global production [1]. - The demand for diversified risk management strategies has increased due to price volatility in polyester products and accelerated overseas capacity expansion [1]. Group 3: Market Participation and Internationalization - Nearly 800 foreign clients from 33 countries and regions have opened accounts at the ZCE, and the exchange has signed memorandums of understanding with 12 foreign exchanges to facilitate the internationalization of the polyester sector [3]. - The internationalization of the polyester sector is expected to enhance the pricing mechanism and reduce harmful competition among domestic enterprises in international trade [3].

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].