{"id":31484,"date":"2026-05-07T11:14:37","date_gmt":"2026-05-07T03:14:37","guid":{"rendered":"https:\/\/www.orientfutures.com.sg\/?p=31484"},"modified":"2026-06-30T14:40:51","modified_gmt":"2026-06-30T06:40:51","slug":"qualified-foreign-investor-qfi-scheme","status":"publish","type":"post","link":"https:\/\/www.orientfutures.com.sg\/zh\/china-market-access\/qualified-foreign-investor-qfi-scheme\/","title":{"rendered":"\u5408\u683c\u5883\u5916\u6295\u8d44\u8005\uff08QFI\uff09\u5236\u5ea6\uff1a\u5883\u5916\u673a\u6784\u5982\u4f55\u53c2\u4e0e\u4e2d\u56fd\u671f\u8d27\u5e02\u573a"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 7<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31484\" class=\"elementor elementor-31484\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6c828b4c e-flex e-con-boxed e-con e-parent\" data-id=\"6c828b4c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2e76a8bc elementor-widget elementor-widget-text-editor\" data-id=\"2e76a8bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For institutional investors seeking direct participation in China&#8217;s onshore derivatives markets, the Qualified Foreign Investor (QFI) scheme is one of the most comprehensive access frameworks available. As China continues to open its capital markets to global participants, the QFI scheme has become an increasingly important pathway for hedge funds, asset managers, prop trading firms and commodity trading houses to trade China&#8217;s futures and options contracts.<\/p><p>This article provides a complete overview of the QFI scheme, including what it is, who is eligible and what products are accessible.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f330ee7 elementor-widget elementor-widget-heading\" data-id=\"f330ee7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Is the QFI Scheme?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24c2001 elementor-widget elementor-widget-text-editor\" data-id=\"24c2001\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The <strong>Qualified Foreign Investor (QFI) scheme<\/strong> is a consolidated regulatory framework administered by China&#8217;s Securities Regulatory Commission (CSRC) that allows eligible overseas institutional investors to access onshore Chinese securities and derivatives markets.<\/p><p>The QFI scheme was created by merging two predecessor programmes, the Qualified Foreign Institutional Investor (QFII) scheme, established in 2002, and the RMB Qualified Foreign Institutional Investor (RQFII) scheme, launched in 2011. The consolidation in 2020 significantly simplified the application process, removed investment quota restrictions, and expanded the range of eligible instruments.<\/p><p>Since November 2021, the CSRC has permitted QFI-registered institutions to trade commodity futures, commodity options and stock index options on mainland China&#8217;s regulated exchanges, marking a major expansion of the scheme&#8217;s derivatives access.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10e459d elementor-widget elementor-widget-heading\" data-id=\"10e459d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who Is Eligible for the QFI Scheme?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ccd2c9 elementor-widget elementor-widget-text-editor\" data-id=\"8ccd2c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The QFI scheme is targeted at institutional market participants. Eligible entity types include:<\/p><ul><li>Hedge funds and alternative investment managers<\/li><li>Asset management firms and mutual fund managers<\/li><li>Commodity trading firms<\/li><li>Banks and securities firms<\/li><li>Proprietary trading firms meeting CSRC capital and regulatory standards<\/li><\/ul><p>Applicants must demonstrate regulatory standing in their home jurisdiction, a clean compliance record over the three years preceding application, and sufficient assets under management or regulatory capital as determined by CSRC requirements.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26bf2a5 elementor-widget elementor-widget-heading\" data-id=\"26bf2a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">QFI Scheme<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f35675 elementor-widget elementor-widget-text-editor\" data-id=\"2f35675\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Qualified Foreign Investor (QFI) scheme provides institutional investors with direct access to China\u2019s onshore futures markets through registration with the China Securities Regulatory Commission (CSRC). It enables a broader range of product access, including commodity and financial derivatives, settled primarily in RMB, but requires formal approval, onshore infrastructure, and ongoing regulatory compliance.<\/p><p>The table below summarises the key features of the QFI framework.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-276dfcb uael-header-sticky-no uael-border-yes elementor-widget elementor-widget-uael-table\" data-id=\"276dfcb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"uael-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div itemscope class=\"uael-table-wrapper\" itemtype=\"http:\/\/schema.org\/Table\">\n\t\t<table id=\"uael-table-id-276dfcb\" class=\"uael-text-break uael-column-rules uael-table\" data-sort-table=\"no\" data-show-entry=\"no\" data-searchable=\"no\" data-responsive=\"no\">\n\t\t\t\t<thead>\n\t\t\t\t\t\t\t\t\t\t<tr class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<th data-sort=\"0\" class=\"sort-this elementor-repeater-item-5519fd9 uael-table-col uael-table-head-cell-text\" colspan=\"3\" scope=\"col\">\n\t\t\t\t\t\t\t<span class=\"sort-style\">\n\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">QFI Scheme<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/th>\n\t\t\t\t\t\t\t\t<\/thead>\n\t\t\t\t<tbody>\n\t\t\t<!-- ROWS -->\n\t\t\t\t\t\t\t\t\t\t<tr data-entry=\"1\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-b02f77f\" data-title=\"QFI Scheme\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\"><strong>Access Type<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-378b9dd\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Onshore access via CSRC registration<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"2\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-f2ebacc\" data-title=\"QFI Scheme\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\"><strong>Eligible Investors<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-05f200d\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Institutions only (hedge funds, asset managers, banks etc)<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"3\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-e4451fd\" data-title=\"QFI Scheme\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\"><strong>Product Scope<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-6d2adb8\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">Broader product coverage, including commodity futures, commodity options, stock index options<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"4\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-9785909\" data-title=\"QFI Scheme\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\"><strong>Currency Settlement<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-e7a0359\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">RMB (CNY) primarily <\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr><tr data-entry=\"5\" class=\"uael-table-row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-99a4475\" data-title=\"QFI Scheme\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\"><strong>Application Required<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<td class=\"uael-table-col uael-table-body-cell-text elementor-repeater-item-81fdf44\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"uael-table__text-inner\">CSRC QFI registration is required.<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t<\/table>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58035f6 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"58035f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b1c407 elementor-widget elementor-widget-heading\" data-id=\"0b1c407\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Products Accessible Under the QFI Scheme<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c97d9dc elementor-widget elementor-widget-text-editor\" data-id=\"c97d9dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The QFI scheme currently provides access to a broad range of futures and options contracts across China&#8217;s regulated exchanges. The product scope is significantly wider than the internationalised product framework, spanning key exchanges and product segments, including:<\/p><ul><li>Industrial metals and energy via <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/shanghai-futures-exchange-shfe\/\" target=\"_blank\" rel=\"noopener\">Shanghai Futures Exchange (SHFE)<\/a> and <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/shanghai-international-energy-exchange-ine\/\" target=\"_blank\" rel=\"noopener\">Shanghai International Energy Exchange (INE)<\/a><\/li><li>Agricultural and industrial commodities via <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/dalian-commodity-exchange-dce\/\" target=\"_blank\" rel=\"noopener\">Dalian Commodity Exchange (DCE)<\/a><\/li><li>Agricultural and chemical commodities via <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/zhengzhou-commodity-exchange-zce\/\" target=\"_blank\" rel=\"noopener\">Zhengzhou Commodity Exchange (ZCE)<\/a><\/li><li>Emerging industrial commodities via <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/guangzhou-futures-exchange-gfex\/\" target=\"_blank\" rel=\"noopener\">Guangzhou Futures Exchange (GFEX)<\/a><\/li><li>Financial and equity index products via <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/china-financial-futures-exchange-cffex\/\" target=\"_blank\" rel=\"noopener\">China Financial Futures Exchange (CFFEX)<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d98f5f elementor-widget elementor-widget-heading\" data-id=\"9d98f5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Access China's Futures Markets via the QFI Scheme<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4197a6 elementor-widget elementor-widget-text-editor\" data-id=\"a4197a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Under the QFI scheme, foreign institutional investors obtain direct access to China\u2019s futures markets by working with CSRC-registered onshore service providers. As the offshore subsidiary of Orient Futures, Orient Futures Singapore supports clients throughout the process by facilitating coordination, onboarding, and access.<\/p><p>The typical process involves:<\/p><ol><li>QFI application submitted to CSRC, providing institutional credentials, regulatory standing and compliance documentation<\/li><li>Appointment of a CSRC-registered onshore futures company as executing broker and a qualified custodian bank for RMB settlement and asset custody<\/li><li>Platform access and account funding through your appointed onshore broker&#8217;s infrastructure<\/li><li>Commencement of trading on QFI-eligible contracts across Chinese exchanges such as SHFE, INE, DCE, ZCE, GFEX and CFFEX<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57317f3 elementor-widget elementor-widget-heading\" data-id=\"57317f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Strategic Advantages of the QFI Scheme for foreign Institutional Investors<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2296f6 elementor-widget elementor-widget-text-editor\" data-id=\"d2296f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For institutional participants, the QFI scheme provides several operational and strategic advantages over alternative access routes:<\/p><ul><li><strong>Onshore price discovery: <\/strong>QFI participants trade directly on China&#8217;s domestic exchanges, gaining access to onshore pricing that often differs materially from offshore benchmarks, creating both hedging efficiency and arbitrage opportunity.<\/li><\/ul><ul><li><strong>Broader product scope: <\/strong>The QFI scheme provides access to a significantly larger product scope than the <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/china-futures-international-access\/\" target=\"_blank\" rel=\"noopener\">internationalised framework<\/a>, including financial futures such as CSI 300 and SSE 50 index derivatives that are not available to overseas participants through any other route.<\/li><\/ul><ul><li><strong>Cross-market arbitrage: <\/strong>With access to onshore prices, QFI-eligible institutions can construct arbitrage positions between China&#8217;s domestic markets and corresponding offshore contracts.<\/li><\/ul><ul><li><strong>Portfolio hedging: <\/strong>Physical commodity traders with China supply chain exposure can use QFI-eligible futures to hedge onshore price risk directly, rather than relying on proxy hedges via offshore venues.<\/li><\/ul><ul><li><strong>Regulatory transparency: <\/strong>Operating under a CSRC-recognised framework provides institutional governance comfort and supports compliance reporting requirements for regulated entities.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b18bd1 elementor-widget elementor-widget-heading\" data-id=\"2b18bd1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Access China's Futures Markets via QFI Scheme<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d156d42 elementor-widget elementor-widget-text-editor\" data-id=\"d156d42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>China&#8217;s ongoing capital market liberalisation has made the QFI scheme one of the most comprehensive frameworks available for foreign institutions seeking structured, regulated access to onshore derivatives. With no investment quota , a consolidated single-application process and an expanding product scope spanning commodities, energy and financial futures, the QFI scheme provides institutional participants with the tools to hedge, trade and diversify across China&#8217;s domestic markets.<\/p><p>For institutions already engaged in China&#8217;s physical commodity markets or those seeking onshore price benchmark exposure beyond what offshore venues can offer, the QFI scheme represents a strategically important addition to any multi-market access framework.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fae323a elementor-widget elementor-widget-heading\" data-id=\"fae323a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Start Trading with Orient Futures Singapore<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-112e22f elementor-widget elementor-widget-text-editor\" data-id=\"112e22f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>As a MAS-licensed overseas intermediary with direct connectivity to the <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/guangzhou-futures-exchange-gfex\/\" target=\"_blank\" rel=\"noopener\">Guangzhou Futures Exchange (GFEX)<\/a>, <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/shanghai-futures-exchange-shfe\/\" target=\"_blank\" rel=\"noopener\">Shanghai Futures Exchange (SHFE)<\/a>, <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/shanghai-international-energy-exchange-ine\/\" target=\"_blank\" rel=\"noopener\">Shanghai International Energy Exchange (INE)<\/a>, <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/dalian-commodity-exchange-dce\/\" target=\"_blank\" rel=\"noopener\">Dalian Commodity Exchange (DCE)<\/a>, and <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/zhengzhou-commodity-exchange-zce\/\" target=\"_blank\" rel=\"noopener\">Zhengzhou Commodity Exchange (ZCE)<\/a>, Orient Futures Singapore provides institutional clients with access to China\u2019s futures and options markets through the Qualified Foreign Investor (QFI) scheme.<\/p><p>Our parent company, Shanghai Orient Futures, is one of the largest futures brokers by aggregated trading volume across China&#8217;s five regulated exchanges, providing institutional clients with direct access to onshore liquidity, clearing infrastructure, and market connectivity.<\/p><p>To discuss how you can access QFI products and how Orient Futures Singapore can support your <a href=\"https:\/\/www.orientfutures.com.sg\/china-market-access\/\" target=\"_blank\" rel=\"noopener\">China Market<\/a> strategy, <a href=\"https:\/\/www.orientfutures.com.sg\/contact\/\" target=\"_blank\" rel=\"noopener\">contact our team<\/a> for more information.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f72e3cb e-con-full e-flex e-con e-child\" data-id=\"f72e3cb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1e6f8c2 elementor-widget elementor-widget-heading\" data-id=\"1e6f8c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Qualified Foreign Investors (QFI): Frequently Asked Questions<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-235bbb7 elementor-widget elementor-widget-n-accordion\" data-id=\"235bbb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3700\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-3700\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: How do I apply for QFI status to access China's futures markets? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3700\" class=\"elementor-element elementor-element-48d709d e-con-full e-flex e-con e-child\" data-id=\"48d709d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-16ce853 elementor-widget elementor-widget-text-editor\" data-id=\"16ce853\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A: QFI registration is administered by the China Securities Regulatory Commission (CSRC). Eligible foreign institutions are required to apply directly to CSRC, providing institutional credentials, regulatory standing in their home jurisdiction and the relevant compliance documentation. Upon approval, institutions are also required to register with the State Administration of Foreign Exchange (SAFE) for foreign exchange arrangements.<\/p><p>The onboarding process typically involves appointing a CSRC-registered onshore futures company as your executing broker and a qualified custodian bank in China to manage RMB settlement and asset custody.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3701\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3701\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: Can non-institutional foreign investors use the QFI scheme? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3701\" class=\"elementor-element elementor-element-c85207f e-con-full e-flex e-con e-child\" data-id=\"c85207f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d45b80b elementor-widget elementor-widget-text-editor\" data-id=\"d45b80b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A: The QFI scheme is restricted to institutional investors meeting CSRC eligibility requirements. Individual investors and non-regulated entities cannot participate. Foreign individuals seeking access to China&#8217;s futures markets may consider the internationalised products framework via an overseas intermediary such as Orient Futures Singapore instead.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3702\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3702\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: Is there an investment quota under the QFI scheme? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3702\" class=\"elementor-element elementor-element-99ea272 e-con-full e-flex e-con e-child\" data-id=\"99ea272\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e3ceb67 elementor-widget elementor-widget-text-editor\" data-id=\"e3ceb67\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A: No. The investment quota requirement was removed in 2020 as part of the merger of the QFII and RQFII schemes. Registered QFI institutions no longer need to apply for a quota from CSRC or SAFE before deploying capital.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3703\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3703\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: What is the difference between QFI and trading through an overseas intermediary? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3703\" class=\"elementor-element elementor-element-ea15e44 e-flex e-con-boxed e-con e-child\" data-id=\"ea15e44\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cc7dfe4 elementor-widget elementor-widget-text-editor\" data-id=\"cc7dfe4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A: These are two distinct access frameworks serving different purposes.<\/p><p>The QFI scheme requires institutional registration with CSRC and grants access to the full onshore derivatives product scope, including financial futures such as CSI 300 and SSE 50 index derivatives. QFI participants engage directly with a CSRC-registered onshore futures company in mainland China.<\/p><p>Trading through an overseas intermediary such as Orient Futures Singapore provides access specifically to China&#8217;s internationalised product contracts, a designated subset of onshore futures and options that have been approved for overseas participant access. This route does not require QFI registration and offers a faster, lower-friction onboarding process for foreign investors.<\/p><p>It is important to note that an overseas intermediary cannot facilitate QFI access, the two frameworks operate independently through different regulatory and operational channels. That said, both pathways are not mutually exclusive and may be used concurrently by eligible institutions, subject to applicable regulatory requirements and account arrangements.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3704\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3704\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: Can a QFI hedge its onshore positions using offshore instruments? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3704\" class=\"elementor-element elementor-element-d44e9bd e-flex e-con-boxed e-con e-child\" data-id=\"d44e9bd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab50af4 elementor-widget elementor-widget-text-editor\" data-id=\"ab50af4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A: CSRC may require QFI-registered institutions to report offshore hedging positions that are related to their onshore QFI holdings. Institutions should engage their compliance and legal teams to structure offshore hedging appropriately within applicable regulatory frameworks.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Q: How do I apply for QFI status to access China's futures markets?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A: QFI registration is administered by the China Securities Regulatory Commission (CSRC). Eligible foreign institutions are required to apply directly to CSRC, providing institutional credentials, regulatory standing in their home jurisdiction and the relevant compliance documentation. 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Registered QFI institutions no longer need to apply for a quota from CSRC or SAFE before deploying capital.\"}},{\"@type\":\"Question\",\"name\":\"Q: What is the difference between QFI and trading through an overseas intermediary?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A: These are two distinct access frameworks serving different purposes.The QFI scheme requires institutional registration with CSRC and grants access to the full onshore derivatives product scope, including financial futures such as CSI 300 and SSE 50 index derivatives. QFI participants engage directly with a CSRC-registered onshore futures company in mainland China.Trading through an overseas intermediary such as Orient Futures Singapore provides access specifically to China&#8217;s internationalised product contracts, a designated subset of onshore futures and options that have been approved for overseas participant access. This route does not require QFI registration and offers a faster, lower-friction onboarding process for foreign investors.It is important to note that an overseas intermediary cannot facilitate QFI access, the two frameworks operate independently through different regulatory and operational channels. That said, both pathways are not mutually exclusive and may be used concurrently by eligible institutions, subject to applicable regulatory requirements and account arrangements.\"}},{\"@type\":\"Question\",\"name\":\"Q: Can a QFI hedge its onshore positions using offshore instruments?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A: CSRC may require QFI-registered institutions to report offshore hedging positions that are related to their onshore QFI holdings. Institutions should engage their compliance and legal teams to structure offshore hedging appropriately within applicable regulatory frameworks.\"}}]}<\/script>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bd52af6 e-flex e-con-boxed e-con e-parent\" data-id=\"bd52af6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-20cfd63 e-flex e-con-boxed e-con e-parent\" data-id=\"20cfd63\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b3757f0 elementor-widget elementor-widget-text-editor\" data-id=\"b3757f0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 11px; font-weight: 600; text-transform: uppercase; letter-spacing: 0.08em; color: #888; margin-bottom: 6px;\">About the Author<\/p><p style=\"font-size: 16px; font-weight: 600; margin: 0 0 2px;\">Chong Yung Lik<\/p><p style=\"font-size: 13px; color: #555; margin: 0 0 2px;\">Business Development Manager<br \/><span style=\"font-size: 13px;\">Orient Futures Singapore<br \/><\/span><a style=\"font-size: 13px;\" href=\"https:\/\/www.linkedin.com\/in\/yung-lik-chong-986341222\/\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a><\/p><p style=\"font-size: 13px; color: #444; line-height: 1.6; margin-top: 10px;\">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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 7<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>CFFEX has opened China Government Bond (CGB) futures to Qualified Foreign Investors (QFI), spanning 2Y to 30Y tenors. This structural shift allows global institutions to manage onshore interest rate risk and hedge duration effectively across China&#8217;s complete sovereign yield curve for the first time.<\/p>","protected":false},"author":16,"featured_media":31485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"enabled","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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