FangQuant › Commodities Futures
Dalian Commodity Exchange (DCE) and China Central Depository and Clearing Co., Ltd. (CCDC) recently supported two Qualified Foreign Investors (QFII and RQFII) in using Chinese government bonds as margin for commodity futures trading. This marks the first time that foreign investors have used government bonds as margin in the domestic commodity futures market, representing a significant step forward in China's financial market opening-up.
A DCE business executive stated, "This practice not only fills the gap in the use of government bonds as margin for commodity futures by foreign investors but also accumulates valuable experience for future large-scale promotion of such services."
A CCDC business executive noted, "This initiative broadens the application of RMB bonds for foreign investors, reduces trading costs, and promotes the integration of bond and futures markets, playing a key role in advancing financial market opening-up."
A futures company operations manager serving foreign clients said, "This new business model offers a fresh approach to serving foreign clients, with DCE and CCDC providing robust support throughout its implementation. We will continue to refine our services to help foreign clients better participate in China's capital market."
The successful implementation of this government bond margin business by QFIIs reflects DCE and CCDC's commitment to advancing financial market opening-up and enhancing the international appeal of China's futures and bond markets. Going forward, DCE and CCDC will continue to elevate their international service standards, focus on the core needs of foreign investors, and drive institutional innovation to further China's financial market opening-up.
近日，大连商品交易所（以下简称大商所）和中央国债登记结算有限责任公司（以下简称中央结算公司）共同支持两家合格境外投资者（QFII和RQFII）办理国债作为商品期货保证金业务。此次业务落地，系境外投资者首次在商品期货市场使用国债作为期货交易保证金，标志着境内金融基础设施服务资本市场高质量对外开放迈上新台阶。
大商所相关业务负责人表示，“此次业务实践不仅填补了境外投资者使用国债作为商品期货保证金的空白，更为服务境外投资者积累了宝贵经验，为后续业务规模化推广奠定坚实基础。”
中央结算公司相关业务负责人指出，“本次业务落地为境外投资者拓宽了人民币债券的使用场景，有效降低了投资者的交易成本，同时促进了债券市场与期货市场的融合发展，是服务金融市场对外开放的重要举措。”
境外客户所在期货公司运营管理负责人表示，“此次业务为我们服务境外客户提供了全新抓手，业务办理期间，大商所、中央结算公司充分发挥平台枢纽和专业支撑作用，以完善的机制保障业务推进。后续我们将依托期货公司专业团队持续优化服务效能，助力境外客户更好融入境内资本市场。”
此次QFI使用国债作为商品期货保证金业务的成功落地，是大商所和中央结算公司践行金融市场对外开放战略，提升期货市场、债券市场国际吸引力与竞争力的重要举措。下一步，大商所和中央结算公司将进一步提升国际化服务水平，聚焦境外投资者核心需求，持续推进制度创新与服务升级，为金融市场高水平对外开放贡献更多力量。
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