上海期货交易所（SHFE）近期宣布计划向外国投资者全面开放
The Shanghai Futures Exchange (SHFE) recently announced plans for a full opening to foreign investors.
上海期货交易所（SHFE）近期宣布计划向外国投资者全面开放，这是中国期货市场国际化的重要一步。结合 2025 年 5 月的最新政策动态，其主要内容及影响如下：
The Shanghai Futures Exchange (SHFE) recently announced plans for a full opening to foreign investors, marking an important step in the internationalization of China's futures market. In light of the latest policy developments in May 2025, the main content and impacts are as follows:
一、开放的核心措施
I. Core Measures of the Opening
1. 市场准入机制改革
1. Reform of Market Access Mechanism
允许境外机构直接申请成为 SHFE 会员，无需境内代理，支持多币种保证金账户（美元/人民币）结算。
Foreign institutions will be permitted to directly apply for membership in the SHFE without the need for domestic agents. The exchange will support settlement in multiple currency margin accounts (US dollars/RMB).
境外客户可通过合格境外机构投资者（QFII）或境外特殊参与者渠道参与交易，覆盖品种包括铜、铝、镍、原油、黄金等 18 个已上市品种。
Foreign clients can participate in trading through the Qualified Foreign Institutional Investor (QFII) channel or via the Special Foreign Participants route. The available products include 18 listed varieties such as copper, aluminum, nickel, crude oil, and
gold.
2. 产品与交割体系升级
2. Upgrading of Products and Delivery System
新增丁二烯橡胶、低碳铝等 6 个国际化品种，交割品级对标 LME、NYMEX 等国际标准，允许境外品牌注册交割资质。
Six new internationalized products, including butadiene rubber and low-carbon aluminum, will be added. The delivery grades will be benchmarked against international standards like LME and NYMEX, and foreign brands will be allowed to register for delivery qualifications.
保税交割库扩展至新加坡、迪拜等地，保税仓单可跨境流转，提货周期缩短至 3 天内。
The bonded delivery warehouses will be extended to locations such as Singapore and Dubai. Bonded warehouse receipts can be transferred across borders, and the delivery period will be shortened to within three days.
3. 交易与结算创新
3. Innovation in Trading and Settlement
引入市价指令、止损指令等国际通用交易工具，与欧美市场联动。
The exchange will introduce market-standard trading tools such as market orders and stop-loss orders, which will be linked with the European and American markets.
支持美元质押获取人民币资金，离岸人民币清算系统对接，实现汇率风险对冲。
It will support the use of US dollars as collateral to obtain RMB funds and connect with the offshore RMB clearing system to hedge exchange rate risks.
二、政策背景与目标
II. Policy Background and Objectives
1. 服务国家开放战略
1. Serving the National Openness Strategy
此次改革旨在提升中国大宗商品定价权，助力上海国际金融中心建设。当前中国作为全球最大原材料进口国，但原油、基本金属等定价仍依赖海外市场（如 LME、CME），SHFE 希望通过制度型开放增强“上海价格”的全球影响力。
This reform aims to enhance China's pricing power in bulk commodities and support the development of Shanghai as an international financial center. As the world's largest importer of raw materials, China still relies on overseas markets (such as LME and CME) for pricing in crude oil and base metals. The SHFE hopes to strengthen the global influence of the "Shanghai Price" through institutional openness.
2. 应对国际竞争与需求
2. Responding to International Competition and Demand
2022 年 LME 镍期货危机后，市场亟需替代定价基准，SHFE 镍合约的开放被视为重要补充。
Following the LME nickel futures crisis in 2022, the market urgently needs an alternative pricing benchmark, and the opening of the SHFE nickel contract is seen as an important supplement.
境外投资者对风险管理工具的需求激增，2024 年外资持仓量同比增长 28%，QFII 可交易品种已达 46 个。
Foreign investors' demand for risk management tools has surged, with foreign capital positions increasing by 28% year-on-year in 2024, and the number of tradable products for QFII reaching 46.
三、对市场的影响
III. Impact on the Market
1. 提升全球定价话语权
1. Enhancing Global Pricing Power
SHFE 铜期货与 LME 铜价的相关系数已从 0.8 升至 0.95，原油期货外资持仓占比达 42%，国际化品种有望成为亚太地区贸易基准。
The correlation coefficient between SHFE copper futures and LME copper prices has risen from 0.8 to 0.95, and the proportion of foreign capital positions in crude oil futures has reached 42%. Internationalized products are expected to become the trade benchmark for the Asia-Pacific region.
2. 吸引国际资本流入
2. Attracting International Capital Inflows
境外机构人民币持仓占比预计从 30%提升至 60%，中东主权基金等长期资金或通过 SHFE实现资产配置多元化。
The proportion of RMB holdings by foreign institutions is expected to increase from 30% to 60%. Long-term funds such as Middle East sovereign funds may diversify their asset allocation through the SHFE.
美元质押结算和离岸人民币清算将加速人民币国际化进程。
US dollar collateral settlement and offshore RMB clearing will accelerate the internationalization of the RMB.
3. 挑战与风险
3. Challenges and Risks
需应对美联储加息、地缘政治等外部风险，以及跨境物流、税务合规等操作难题。
It is necessary to deal with external risks such as US Federal Reserve interest rate hikes and geopolitical issues, as well as operational difficulties such as cross -border logistics and tax compliance.
短期内需平衡市场流动性与风控，例如 AI 监控高频交易、动态保证金调整等智能化工具的应用。
In the short term, it is essential to balance market liquidity and risk control, for example, through the application of intelligent tools such as AI monitoring of high-frequency trading and dynamic margin adjustments.
四、实施进展与未来规划
IV. Implementation Progress and Future Plans
1. 时间表：目前处于公开征求意见阶段（截止 2025 年 6 月 4 日），预计年内完成规则修订
并分步实施。
1. Timeline: Currently in the public consultation stage (ending on June 4, 2025), it is expected to complete the revision of rules and implement them in stages within the year.
2. 长期目标：布局锂电池、碳排放权等绿色金融品种，推动国债期货纳入对外开放范围，构
建全球大宗商品定价核心枢纽。
2. Long-term Goals: To layout green financial products such as lithium batteries and carbon emission rights, promote the inclusion of government bond futures in the scope of opening up, and build a core hub for global bulk commodity pricing.
总结
Summary
SHFE 的全面开放标志着中国期货市场从“局部试点”转向“制度型开放”，通过规则适配、工具创新和生态扩容，加速与国际市场接轨。这一进程将重塑全球大宗商品交易格局，但也需应对流动性管理、跨境协同等挑战。
The comprehensive opening of the SHFE marks a shift of China's futures market from "pilot projects" to "institutional openness." Through rule alignment, tool innovation, and ecosystem expansion, it will accelerate integration with the international market. This process will reshape the global bulk commodity trading landscape but also requires addressing challenges such as liquidity management and cross-border coordination.