新华财经｜商品期货国际化进程加快 中国价格成为海外投资者风向标

Xinhua Finance | The internationalization process of commodity futures is accelerating, Chinese prices have become a benchmark for overseas investors

By Shanghai International Energy Exchange (INE)

在中国商品期货交易所积极“走出去”的同时，海外投资者对中国商品期货市场的关注和参与需求也日益增加。中国商品期货发挥了市场价格“风向标”的意义，通过观察中国期货市场的价格波动，投资者可以了解当前全球市场的价格变动趋势。

While the China Commodity Futures Exchange is actively going global, overseas investors are increasingly paying attention to and participating in the Chinese commodity futures market. Chinese commodity futures have played a role as market price indicators. By observing the price fluctuations in the Chinese futures market, investors can understand the current price trend of the global market.

近期，上海期货交易所首次在日本和韩国举办线下活动，与海外投资者、期货交易所、中介机构等市场参与者交流，介绍中国期货市场交易规则和重点产品等。会后上期所向新华财经记者独家介绍了其国际化情况及最新进展。同时，记者还就日本市场需求、中日商品期货合作空间等采访了日本交易所集团（JPX）、国际期货市场参与企业中国石油国际事业公司、日本大型期货交易经纪公司冈地株式会社等的代表。

Recently, the Shanghai Futures Exchange (SHFE) held its first offline event in Japan and South Korea to exchange ideas with overseas investors, futures exchanges, intermediaries, and other market participants, introducing trading rules and key products of the Chinese futures market. After the meeting, the SHFE exclusively introduced its internationalization situation and the latest progress to Xinhua Finance reporters. At the same time, reporters also interviewed representatives of the Japan Exchange Group (JPX); the Petrochina International Co., Ltd., a participating company in the international futures market; and the Okamoto Industries, Inc., a large-scale Japanese futures trading brokerage company, etc., on the demand of the Japanese market and the space for commodity futures cooperation between China and Japan.

上期所商品期货国际化进程提速

The internationalization process of commodity futures on the Shanghai Futures Exchange has accelerated

据了解，自2022年9月合格境外投资者（QFI）可以参与中国商品期货、期权交易以来，上期所及其子公司上海国际能源交易中心共有包括原油期货、20号胶、低硫燃料油、原油期权、铜、铝等在内的16个期货和期权品种向QFI开放，这是其继2018年起面向国际客户陆续推出特定品种以来的又一突破，标志着对外开放进程进一步深化。在2023年上期所新上市的4个期货和期权产品中，集运指数（欧线）期货是国际化品种，该产品的标的指数是上海出口集装箱结算运价指数（SCFIS）（欧洲航线）。

It is understood that since September 2022, Qualified Foreign Investors (QFIs) have been able to participate in Chinese commodity futures and options trading, SHFE and its subsidiary Shanghai International Energy Exchange (INE) have opened 16 futures and options varieties to QFIs, including crude oil futures, No. 20 rubber, low sulfur fuel oil, crude oil options, copper, aluminum, etc. This is another breakthrough since it launched specific varieties to international customers since 2018, marking the further deepening of the process of opening up to the outside world. Among the four newly listed futures and options products on the SHFE in 2023, the Freight Consolidation Index (European Routes) futures are international varieties, and the underlying index of this product is the Shanghai Containerized Freight Index (SCFIS) (European Routes).

上海期货交易所国际合作部总监助理杨一平介绍，截至目前，上期能源的境外客户来自六大洲（亚洲、非洲、欧洲、北美洲、南美洲和大洋洲）30个国家和地区，备案的80家境外中介机构涉及11个国家和地区。

According to Yang Yiping, assistant director of the International Cooperation Department of the SHFE, up to now, the overseas customers of the INE come from 30 countries and regions in six continents (Asia, Africa, Europe, North America, South America and Oceania), and the 80 overseas intermediaries for record involve 11 countries and regions.

同时，上期能源交割注册品牌来自全球各地，以20号胶为例，注册商品包含来自中国、泰国、马来西亚和印度尼西亚等4个国家的25家企业、40家工厂的产品。与此同时，上期能源积极与国际监管要求接轨，先后完成香港自动化交易服务（ATS）注册、成为新加坡认可的市场交易者（RMO），并被纳入欧洲证券及市场管理局（ESMA）的第三国交易场所交易后透明度评估正面清单等。

At the same time, INE delivery registration brand comes from all over the world. Taking No. 20 Rubber as an example, the registered goods contain products from 25 enterprises and 40 factories in four countries, including China, Thailand, Malaysia, and Indonesia. Meanwhile, INE actively aligns with international regulatory requirements, completing the registration of Automated Trading Services (ATS) in Hong Kong, becoming a Recognised Market Operator (RMO) in Singapore, and being included in the positive list of post transaction transparency assessments for third-country trading venues by the European Securities and Markets Authority (ESMA).

海外投资者高度重视中国市场价格风向标作用

Overseas investors attach great importance to the role of price indicators of the Chinese market

在中国商品期货交易所积极“走出去”的同时，海外投资者对中国商品期货市场的关注和参与需求也日益增加。

While the China Commodity Futures Exchange is actively going global, overseas investors are increasingly paying attention to and participating in the Chinese commodity futures market.

日本大型金融商品及期货交易经纪公司冈地株式会社董事、国际法人部兼交易部总监大木太朗对记者表示，中国主要商品期货价格动向对日本的价格市况影响不可小觑。机构投资者和企业等正从套利交易的角度关注日本以及欧美主要期货商品与中国的价格差异。

Taro Oki, Chaiman of International Legal Affairs and Trading Department, Director of Okamoto Industries, Inc., a large-scale financial commodity and futures trading brokerage firm in Japan, told reporters that the impact of the price trends of major commodity futures in China on Japan's price market cannot be underestimated. Institutional investors and companies are paying attention to the differences between the prices of major futures commodities in Japan, Europe and America, and those in China from the perspective of arbitrage trading.

日本交易所集团（JPX）大阪交易所衍生品市场营业部课长矢头宪介对中国商品期货市场价格“风向标”意义的说明更为详细：通过观察中国期货市场的价格波动，投资者可以了解当前全球市场的价格变动趋势。特别是对中国需求份额较大的商品，投资者会通过观察中国市场价格的变化判断出中国的需求是在增加还是减少，进而预测世界市场价格会上升还是下降。“这样的价格信号经常被使用。”

Kensuke Yatou, section manager of the Derivatives Market Business Department at the Japan Exchange Group (JPX) Osaka Exchange, provided a more detailed explanation of the significance of the "price indicator" in the Chinese commodity futures market: by observing the price fluctuations in the Chinese futures market, investors can understand the current global market price trends. Especially for commodities with a high demand share in China, investors will observe changes in market prices in China to determine whether demand is increasing or decreasing, and then predict whether world market prices will rise or fall. "Such price signals are often used."

除此之外，日本投资者还非常期待中日商品期货市场的互动进一步加深。

In addition, Japanese investors are also looking forward to further deepening the interaction between the Chinese and Japanese commodity futures markets.

大木太朗表示，日本企业对重要大宗商品的价格波动风险进行对冲的需求很大，而目前除了一部分大企业外，更多企业难以直接参与中国市场交易。非常期待未来上期所与JPX可以合作研究新的上市品种，并在彼此的市场上同时上市同一品种，便利投资者跨市场进行投资和对冲交易。

Daiki Taro stated that there is a strong demand from Japanese companies to hedge against price fluctuations in important commodities, and currently, with the exception of some large companies, more companies find it difficult to directly participate in trading in the Chinese market. We look forward to collaborating with JPX in the future to research new listed products and simultaneously list the same product in each other's markets, facilitating investors to invest and hedge across markets.

JPX也认为推动投资者在不同市场交易相同品种进行套利或对冲交易具有潜力。矢头宪介说，例如一些海外专业投资者会参与上期所和日本JPX两个市场的原油期货产品交易，并利用价格差异获利，这就是所谓的套利交易或是对冲交易。通过合作和制度设计，让这些参与者更容易在双方的市场中交易，是非常有潜力的。

JPX also believes that there is potential to drive investors to engage in arbitrage or hedging trading of the same product in different markets. Kensuke Yatou said that for example, some overseas professional investors will participate in the trading of crude oil futures products in the Shanghai Futures Exchange and Japan JPX markets, and profit from price differences, which is called arbitrage trading or hedging trading. Through cooperation and institutional design, it is very promising to make it easier for these participants to trade in both markets.

据了解，上期所与JPX多年来一直保持良好的合作关系，在新产品研发方面经常互动交流、分享经验。上期所业务与日本市场也存在许多契合点。首先，中日两国都是石油、有色金属、铁矿石等多种大宗商品的进口国，因此两国的企业对这些产品都有定价和套期保值的需求。其次，双方交易所都有贵金属、橡胶、石油等产品，且两国之间基本没有时差，为交易者同时关注和交易两个市场提供便利。

It is understood that SHFE and JPX have maintained a good cooperative relationship for many years, often interacting, exchanging and sharing experiences in new product development. There are also many similarities between SHFE's business and the Japanese market. Firstly, both China and Japan are importers of various commodities such as oil, non-ferrous metals, and iron ore. Therefore, companies in both countries have a demand for pricing and hedging these products. Secondly, both exchanges offer precious metals, rubber, oil and other products, and there is almost no time difference between the two countries, providing convenience for traders to simultaneously focus on and trade in both markets.

杨一平表示，未来上期所和JPX还将探索其他形式的跨境合作，促进跨境交易和双方市场的共同繁荣。

Yang Yiping stated that in the future, the SHFE and JPX will also explore other forms of cross-border cooperation to promote cross-border transactions and the common prosperity of both markets.

碳交易等新兴领域商品期货国际化发展受期待

The internationalization development of commodity futures in emerging fields such as carbon trading is expected

除传统商品期货领域外，投资者还将目光投向了新兴领域。

In addition to the traditional commodity futures field, investors have also turned their attention to emerging fields.

作为国内外期货市场深度参与者，中国石油国际事业公司密切关注能源领域的商品期货动向。

As a deep participant in domestic and international futures markets, the Petrochina International Co., Ltd in China closely monitors the commodity futures trends in the energy sector.

该公司在给记者的采访回复中表示，当今全球能源贸易格局正经历历史性深刻变革，在碳中和政策影响下，新能源如氢、氨、生物质燃料等正以前所未有的速度对传统化石能源和燃料市场形成不可逆替代。中日商品期货交易所如能着眼大宗商品脱碳化，共同研究推动碳中和产品以及氢、氨等绿色能源产品的上市，将为企业创造新的业务增长点。

The company stated in its interview reply to reporters that the current global energy trade pattern is undergoing a historic and profound transformation. Under the influence of carbon neutrality policies, new energy sources such as hydrogen, ammonia, and biomass fuels, etc. are forming irreversible alternatives to traditional fossil fuels and fuel markets at an unprecedented rate. If commodity futures exchange in China and Japan can focus on decarbonization of bulk commodities, jointly research and promote the listing of carbon neutral products and green energy products such as hydrogen and ammonia, it will create new business growth points for enterprises.

大木太朗也持类似观点，他说，“交易所已经从市场间竞争的时代转变为期待通过相互合作带来协同效应的时代。”

Daiki Taro also holds a similar view, he said, "Exchanges have shifted from an era of competition between markets to an era of expecting synergies through mutual cooperation."