CCDC supports the first RQFII to participate in bonds pledged as futures margin

ChinaBond reported that on April 29, CCDC successfully supported the first RQFII to operate bonds pledged as futures margin. After QFII's participation in the business in 2019, the addition of the first RQFII is another important breakthrough in the international development of bonds pledged as futures margin. It is also an innovative achievement in optimizing services for foreign investors and supporting the opening of the futures market.

With the acceleration of China's financial market opening process, the scale of RMB bonds held by foreign investors has grown steadily, and the allocation and application channels of RMB bonds will also become important considerations for their investment in the bond market. Bond pledged as futures margin not only conforms to the prevailing practice of foreign investors participating in the international market, and effectively reduces the investment costs; it also provides investors with a diversified RMB bond asset allocation plan. Up to now, the product has cumulatively supported QFII and RQFII to use more than 3 billion yuan of national bonds as margin.

In recent years, CCDC has increased the business cooperation with Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, and China Financial Futures Exchange, and realized the full implementation of bonds pledged as futures margin in the domestic futures market. The business scale has exceeded 400 million yuan, it has effectively promoted the improvement of market efficiency and has been highly recognized by all market participants. In the future, CCDC will continue to base itself on an international perspective, further improve its international service level, and cooperate with custodian banks and futures companies to build an integrated service system, explore series of product that are convenient for investors, and form a high-added derivative service value chain. Fully support the opening up and innovative development of China's multi-level financial market.

中央结算公司支持首家RQFII参与债券作为期货保证金业务

中债网报道，4月29日，中央国债登记结算有限责任公司（以下简称“中央结算公司”）成功支持首家RQFII开展债券作为期货保证金业务。继2019年QFII参与业务后，首家RQFII的加入是债券作为期货保证金产品国际化发展的又一重要突破，也是优化境外投资者服务、支持期货市场对外开放的创新成果。

随着我国金融市场开放进程的加快，境外投资者持有的人民币债券规模稳步增长，人民币债券的配置与应用渠道也将成为其投资债券市场的重要考量。债券作为期货保证金产品不仅符合境外投资者参与国际市场的通行做法，有效降低其投资成本；同时也为其提供了多元化的人民币债券资产配置方案。截至目前，该产品已累计支持QFII、RQFII使用超过30亿元的国债作为保证金。

近年来，中央结算公司与上海期货交易所、郑州商品交易所、大连商品交易所、中国金融期货交易所深化业务合作，实现债券作为期货保证金制度在境内期货市场的全面实施，业务规模已超过400亿元，有力推动了市场效率的提升，获得了市场各参与方的高度认可。未来，中央结算公司将继续立足国际视野，进一步提升国际化服务水平，并联合托管行、期货公司，构筑一体化服务体系，探索便利投资者的产品系列，形成高附加的衍生品服务价值链，全力支持我国多层次金融市场的对外开放与创新发展。