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随着中国资本市场对外开放步伐加快,国际投资者正获得参与中国活跃衍生品市场的空前机遇。近日,中国正式宣布扩大合格境外投资者(QFI)制度可投资范围,新增8种期货和8种期权合约,共计16个品种。

这一重大开放举措已于2025年6月20日正式生效(交易起始时间为6月19日夜盘时段),标志着中国金融市场国际化进程迈入新阶段。

中国投资新机遇:QFI制度再升级

作为外资进入中国资本市场的重要通道,QFI制度允许符合条件的境外机构直接参与境内证券投资。本次大幅扩容显著拓宽了外资可投资范围,为国际投资者带来更丰富的资产配置选择和风险管理工具。

新增品种主要聚焦大宗商品期货期权,充分展现了中国作为全球重要原材料生产国和消费国的市场地位,涵盖以下核心品类:

  • 天然橡胶:广泛应用于轮胎制造的重要农产品
  • :制造行业等领域不可或缺的工业金属
  • :电子制造等领域不可或缺的工业金属
  • 玻璃:建筑与制造业关键材料
  • 纯碱:玻璃、洗涤剂等化工产品基础原料
  • 硅铁:钢铁冶炼核心合金材料
  • 乙二醇(EG):防冻剂、聚酯纤维重要原料
  • 液化石油气(LPG):工业与民用领域重要能源

此次开放将实现三大效应:提升境内市场流动性、优化价格发现机制、为外资参与中国经济提供更精密的风险管理工具。

QFI扩容带来的四大核心优势

本次QFI制度新增多元化期货期权合约,为国际投资者创造不可错过的战略机遇:

  1. 多元配置:一站式布局中国大宗商品市场,优化投资组合
  2. 精准对冲:运用衍生品工具有效管理原材料价格波动风险
  3. 套利新机:把握境内外市场价差带来的战略机遇
  4. 共享增长:直接投资中国工业经济核心领域

此举彰显中国推动金融市场深度融入全球体系的坚定承诺,通过提升国际资本准入透明度与便利度,为跨境投资构建高效通道。对合格境外投资者而言,这既是优化中国资产配置的战略契机,更是把握全球第二大经济体增长势能的历史性窗口。

欲获取新增QFI产品准入及中国衍生品市场动态指引,请咨询专注于中国市场的财务顾问或机构经纪商。

市场冲击与宏观经济影响

受关税影响的黄金市场波动不仅限于贵金属领域,更加剧了市场对经济放缓和通胀上升的担忧。美国贸易政策的不确定性加剧,引发市场对经济放缓和通胀上升的更广泛担忧。

美联储最新会议纪要显示,特朗普的关税计划引发了对通胀持续性的担忧,促使美联储维持谨慎立场,暂缓进一步降息。这一政策取向进一步推升了避险需求,投资者纷纷寻求黄金对冲借贷成本上升和经济降温的风险。

与此同时,全球黄金贸易格局也发生显著变化。瑞士海关数据显示,今年1月瑞士黄金出口同比增长,其中对美国的黄金供应量创下至少13年来新高。这一趋势表明,在地缘政治不确定性和资本保值需求的双重推动下国际市场对黄金的需求正大幅上升。

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