International investors can access China’s futures markets through two principal routes: internationalised futures contracts via an Overseas Intermediary (OI), and the Qualified Foreign Investor (QFI) scheme for broader onshore market access.
The appropriate route depends on the products you need, the exchanges you want to access, your institutional structure and your operational requirements.
Orient Futures Singapore provides access to internationalised contracts across SHFE, INE, DCE, ZCE and GFEX, while QFI provides access across all six major Chinese futures exchanges, including CFFEX.
This guide explains how each access route works, the exchanges and products available, and the key considerations for international institutions looking to participate in China’s futures markets.
China Futures Market Access at a Glance
International institutions generally consider two principal access routes:
| Category |
Internationalised Contracts (via an Overseas Intermediary, OI) |
Qualified Foreign Investor (QFI) |
|---|---|---|
| Designed for | Targeted access to designated internationalised contracts | Broader access to permitted onshore futures and options |
| Suitable for | Institutions seeking access to specific China contracts | Institutions requiring broader China market access |
| Is a China entity required? | Generally not required for the OI route | More extensive onshore arrangements apply |
| Product scope | Designated internationalised contracts | Broader range of permitted onshore products |
| CFFEX access | Not available through the OI route | Available subject to applicable requirements |
| Operational complexity | Generally more streamlined | More operational involvement |
| Best suited for | Targeted China futures exposure and hedging | Broader or multi-exchange China trading strategies |
The choice is not simply “which route is better”. It depends on the contracts, exchanges, institutional structure, operational setup and long-term market-access requirements of the investor. Detailed eligibility and product availability should be confirmed against current exchange and regulatory requirements.
What Is China Futures Trading?
China futures trading refers to the buying and selling of derivatives contracts listed on mainland Chinese exchanges such as the Shanghai Futures Exchange (SHFE), Dalian Commodity Exchange (DCE), Zhengzhou Commodity Exchange (ZCE), Shanghai International Energy Exchange (INE), Guangzhou Futures Exchange (GFEX), and China Financial Futures Exchange (CFFEX).
These exchanges cover commodities, energy, agricultural products and financial derivatives, giving international institutions access to markets linked to China’s industrial demand, supply chains and financial markets.
For institutions, the practical question is not only which China futures products are relevant, but also which access route permits the institution to trade those products.
Why China Futures Trading Matters
China is the world’s largest consumer of many commodities including iron ore, copper, coal and agricultural products. As a result, its futures exchanges have become major venues for price discovery and risk management.
For international traders, China futures trading provides exposure to:
- Global commodity demand linked to Chinese manufacturing
- Asian benchmark pricing for metals and energy
- Agricultural supply chains across Asia
- China’s financial markets through index and bond futures
As China’s derivatives markets continue to internationalise, access to these markets can be relevant for institutions seeking to hedge China-linked exposures, diversify trading strategies, participate in regional price discovery or gain direct exposure to Chinese commodity and financial markets.
Major China Futures Exchanges
China’s futures markets operate through several regulated exchanges, each specialising in specific sectors such as metals, agriculture, energy or financial derivatives.
| Exchange | Primary Focus | Key Products | International Access |
|---|---|---|---|
| Shanghai Futures Exchange (SHFE) | Industrial metals and energy chemicals | Copper, Aluminum, Nickel, Zinc, Gold, Silver, Steel Rebar | OI / QFI* |
| Shanghai International Energy Exchange (INE) | Internationalised energy derivatives | Crude Oil, Low Sulfur Fuel Oil, TSR 20, Bonded Copper | OI / QFI* |
| Dalian Commodity Exchange (DCE) | Industrial commodities and agriculture | Iron Ore, Soybeans, Soybean Meal, Palm Oil | OI / QFI* |
| Zhengzhou Commodity Exchange (ZCE) | Agricultural and chemical futures | Para-Xylene, Methanol, Sugar, Rapeseed Oil, PTA, Glass | OI / QFI* |
| Guangzhou Futures Exchange (GFEX) | Emerging derivatives markets | Industrial Silicon, Lithium Carbonate and new-economy commodities | OI / QFI* |
| China Financial Futures Exchange (CFFEX) | Financial derivatives | CSI 300 Index Futures, SSE 50 Index Futures and CGB Futures | OI / QFI* |
*Access is subject to the specific contract, investor eligibility, applicable exchange rules and current regulatory requirements.
Types of China Commodity Futures
China’s futures markets cover a wide range of commodity sectors. Traders who access China commodity futures typically focus on the following product categories.
Metals
China is the world’s largest consumer of industrial metals, making its futures markets highly influential. Common contracts include copper, aluminum, nickel, zinc, gold and silver, primarily traded on Shanghai Futures Exchange (SHFE).
Energy
Energy derivatives provide exposure to crude oil and refined fuel products linked to Asian demand. Key contracts include crude oil, low sulfur fuel oil and rubber, with many internationally relevant contracts traded on Shanghai International Energy Exchange (INE).
Agricultural Commodities
China’s agricultural futures markets support risk management across large food and agricultural supply chains. Common contracts include soybeans, soybean meal, palm oil, sugar and rapeseed oil, primarily across Dalian Commodity Exchange (DCE) and Zhengzhou Commodity Exchange (ZCE).
Emerging and New-Economy Commodities
Guangzhou Futures Exchange (GFEX) focuses on emerging commodities and products linked to China’s new-economy sectors. Key contracts include Silicon Metal, Lithium Carbonate, Poly Silicon, supporting price discovery and risk management across China’s growing renewable energy and advanced manufacturing supply chains.
Financial Futures
China also offers financial derivatives through China Financial Futures Exchange (CFFEX), including CSI 300 Index Futures, SSE 50 Index Futures and CGB Futures. Access to financial futures may depend on the applicable investor route and eligibility requirements.
How International Investors Access China Commodity Futures
International investors should distinguish between the regulatory/access route and the role of the broker. The two principal access routes are Internationalised Contracts through an Overseas Intermediary (OI) and the Qualified Foreign Investor (QFI) scheme. An international futures broker can then support onboarding, connectivity, trading and operational execution within the applicable route.
1. Internationalised Futures Contracts via an Overseas Intermediary (OI)
Some China futures products are specifically designed for international participation.
Examples include:
- Crude Oil Futures and Options via INE
- Nickel Futures and Options via SHFE
- Iron Ore Futures via DCE
These contracts allow foreign investors to participate directly in China futures trading.
Under the Internationalized route, an overseas institution accesses eligible internationalised contracts through an approved Overseas Intermediary. This can provide a more streamlined offshore operating structure because the investor does not generally need to establish a China legal entity solely to use the Internationalized route. Exact funding, clearing, settlement and account arrangements depend on the intermediary, contract and applicable requirements.
For more details on the Internationalised structure, please read our details Internationalized Product access guide here.
2. Qualified Foreign Investor (QFI) Access
Institutional investors may participate in China futures markets through the Qualified Foreign Investor (QFI) programme.
Eligible participants include:
- Hedge funds
- Asset managers
- Sovereign wealth funds
- Banks and financial institutions
This framework allows international institutions to access China commodity futures across multiple exchanges.
Qualified Foreign Investor (QFI) is generally more relevant for institutions that require broader onshore market access or a wider range of products and exchanges. It involves a more substantial regulatory and operational setup, so institutions should assess the expected trading scope and long-term requirements before choosing this route.
For detailed QFI eligibility and setup requirements, read our QFI guide.
3. How a Futures Broker Fits Into the Process
A broker is not a separate regulatory access route. Rather, an appropriately authorised broker or intermediary can provide the operational infrastructure needed to implement the chosen access route.
A typical institutional process includes:
- Identify the products and exchanges required
- Determine whether the OI or QFI route is appropriate
- Complete account opening, KYC and regulatory onboarding
- Establish the required trading, connectivity, margin, clearing and settlement arrangements
- Begin trading permitted contracts subject to applicable exchange and regulatory requirements
For institutions comparing brokers, the relevant considerations include exchange connectivity, regulatory permissions, product coverage, clearing and settlement arrangements, technology, execution infrastructure, margin and funding support, and institutional service capabilities.
OI or QFI: Which Route Is Right for You?
There is no single access route that is best for every institution. A practical starting point is to work backwards from the products, exchanges and operating model required.
| If your requirement is… | The route to evaluate first |
|---|---|
| Access to specific internationalised futures or options contracts | OI |
| Targeted commodity-market access through an offshore structure | OI |
| Broader onshore product or exchange access | QFI |
| Access requirements involving CFFEX / financial futures | QFI* |
| A broader multi-exchange China trading strategy | QFI* |
| A streamlined route for eligible internationalised contracts | OI |
*Subject to current eligibility and product-level rules. This table is a decision aid, not a substitute for regulatory or exchange confirmation.
For a detailed structural comparison, do read our Internationalised vs QFI: China Futures for Institutional Traders article.
The Growing Importance of China Futures Markets
China’s futures markets have become increasingly important in global commodity pricing and regional risk management.
- Iron ore futures on DCE can provide an important reference for China’s steel market
- Copper futures on SHFE reflect Chinese industrial demand and regional market conditions
- Crude oil futures on INE are increasingly relevant to Asian energy-market participants
The relevance of each contract depends on the institution’s trading strategy, hedging requirements and market-access eligibility.
How to Get Started
For institutions evaluating China futures market access, the process can be approached in five steps:
- Define the products and exchanges you need
- Evaluate OI versus QFI based on your intended trading scope
- Confirm eligibility, regulatory and exchange requirements
- Complete institutional onboarding, KYC and operational setup
- Establish connectivity, funding, margin, clearing and settlement arrangements before trading
Orient Futures Singapore can help institutions assess the practical access route and onboarding requirements for their intended China futures strategy, subject to applicable regulatory and exchange requirements.
Key Futures Exchanges in China
Use the exchange guides below for detailed information on each market.
China Futures Market Access: Frequently Asked Questions
Q: Can international investors trade China futures markets?
A: Yes. China has progressively opened its futures markets to foreign participation since 2018. International investors can access a growing list of internationalised futures contracts, including crude oil, iron ore, copper, soybeans, and palm oil, through two main routes: the Overseas Intermediary (OI) mechanism, and the Qualified Foreign Investor (QFI) scheme.
Orient Futures Singapore is a CSRC-registered Overseas Intermediary for GFEX, SHFE, INE, DCE, and ZCE, enabling direct access for overseas clients on these exchanges. For other exchanges including CFFEX, access is available through our parent company, Shanghai Orient Futures, one of China’s largest futures brokers by aggregated trading volume across all regulated exchanges. This allows clients to access the full breadth of China’s futures markets through a single relationship with Orient Futures Singapore.
Q: What is an Overseas Intermediary and how does it work?
A: An Overseas Intermediary (OI) is a CSRC-approved foreign broker authorised to give international clients direct access to specific internationalised contracts on China’s futures exchanges.
Unlike the QFI route, the OI mechanism does not require investors to establish a legal entity or open a bank account in China. Clients fund their account in USD or CNH with the overseas intermediary , who handles connectivity to the exchange, clearing, and settlement on their behalf.
Q: What is the difference between the Overseas Intermediary route and the QFI scheme?
A: The Overseas Intermediary (OI) route provides a streamlined way to access China’s derivatives markets. It does not require setting up a local China entity or opening an onshore bank account, and trading is conducted through an approved overseas broker such as Orient Futures Singapore. It also offers access to a growing range of internationalised futures and options contracts.
The Qualified Foreign Investor (QFI) scheme, by comparison, involves a more complex setup. It requires obtaining a license from the China Securities Regulatory Commission (CSRC) and establishing an onshore custody arrangement, which can be more time-consuming and operationally intensive. However, it also offers broader market access, enabling participation in a wider range of products across multiple domestic exchanges, making it suitable for institutions with more extensive trading requirements or long-term onshore strategies.
As a result, the choice between the OI route and the QFI scheme depends on each firm’s structure, trading needs, and operational preferences. Market participants typically evaluate factors such as speed to market, product access, and infrastructure requirements when selecting the most suitable approach. Engaging with a regulated broker, such as Orient Futures Singapore, can help assess the most effective setup for accessing China’s derivatives markets.
Q: Can overseas institutions access China futures through Orient Futures Singapore?
A: Yes. Orient Futures Singapore serves institutional clients globally, including hedge funds, commodity trading firms, and family offices. Being MAS-licensed in Singapore and a registered Overseas Intermediary on Chinese exchanges, Orient Futures Singapore provides a regulatory-compliant route for overseas institutions to access China’s futures markets, subject to applicable regulatory and compliance requirements.
Q: How long does it take to open a China futures trading account?
A: Account opening timelines vary depending on the client’s profile, the exchanges being accessed, and the completeness of documentation submitted. The process involves KYC verification, regulatory onboarding, and connectivity setup to the relevant Chinese exchanges. Orient Futures Singapore’s team is available on all trading days to guide clients through each stage and keep the process moving efficiently.
Q: Do I need to open a bank account or set up a company in China to trade China futures?
A: It depends on the access route you choose.
Under the Overseas Intermediary (OI) route, there is no need to open a China-based bank account or establish a local entity. Your overseas broker, such as Orient Futures Singapore, manages the onshore connectivity, clearing, and settlement with the Chinese exchanges. Clients can fund their accounts in USD or CNH through standard international wire transfer channels.
Under the Qualified Foreign Investor (QFI) scheme, a more formal onshore setup is required. This includes obtaining approval from the China Securities Regulatory Commission and establishing an onshore custody arrangement, which typically involves opening accounts with local custodians and banks in China.
Q: What types of contracts can international investors trade on China's futures exchanges?
A: International investors can access a wide range of commodity futures and options across metals, energy, agricultural products, and financial derivatives. Ongoing developments are set to increase the number of futures and options contracts open to overseas participants (Internationalised and QFI scheme) across China’s six regulated exchanges:
- Shanghai Futures Exchange (SHFE) for precious metals such as Gold and Silver, metals including nickel, and zinc
- Shanghai International Energy Exchange (INE) for crude oil, low sulfur fuel oil, and rubber
- Dalian Commodity Exchange (DCE) for iron ore, soybeans, soybean meal, and palm oil
- Zhengzhou Commodity Exchange (ZCE) for PTA, methanol, sugar, and rapeseed oil
- Guangzhou Futures Exchange (GFEX) for lithium carbonate and industrial silicon
- China Financial Futures Exchange (CFFEX) for CSI 300 and SSE 50 index futures
The product list continues to expand as China’s exchanges progress their internationalisation efforts.
About the Author
Chong Yung Lik
Business Development Manager
Orient Futures Singapore
LinkedIn
Chong Yung Lik is a business development manager at Orient Futures Singapore, working across the full client lifecycle for institutions seeking access to China and global futures markets. As part of the Orient Futures Singapore sales team, he supports overseas clients through account opening, margin and settlement procedures, and ongoing relationship management across China and global futures and derivatives products. His articles draw on direct, team-grounded experience with the operational realities of accessing China and international markets.
