Home / Publications / JunHe Legal Updates / details of junhe law review

More Futures and Options Accessed by QFIs

2025.03.05 XIE, Qing (Natasha)ZHANG, Chi (Austin)

At the end of 2024, the China Securities Regulatory Commission (CSRC) announced its plan to expand the range of commodity futures and options in which qualified foreign investors (QFIs) could participate. On February 28, 2025, the Shanghai Futures Exchange, the Shanghai International Energy Exchange, the Zhengzhou Commodity Exchange and the Dalian Commodity Exchange announced that starting from March 4, 2025, the range of tradable commodity futures and options for QFIs will be expanded, covering a total of 23 newly included varieties. The Guangzhou Futures Exchange also announced that starting from March 4, 2025, QFIs can participate in trading six commodity futures and options contracts listed on it. With the expansion of these tradable commodity futures and options, the total number of varieties in which QFIs can participate increases to 75.


Foreign investors can participate in domestic futures or options trading in China through two cross-border channels by: (1) obtaining a QFI qualification to trade certain futures and options contracts, and (2) participating in trading specific futures and options contracts. The table below summarizes the contracts that foreign investors can trade through both the QFI channel and the specific futures and options channel.

Futures Exchanges

Futures Contracts

Accessed by QFI

Options Contracts

Accessed by QFI

Specific Futures Contracts

Specific Options Contracts

SHFE

Gold

Gold


_


_

Copper

Copper

Aluminum

Aluminum

Zinc

Zinc

Silver

Silver

Steel Rebar

Steel Rebar

Hot-Rolled Coils


_

Stainless Steel


_

Fuel Oil


_

Woodpulp


_

INE

Crude Oil

Crude Oil

Crude Oil

Crude Oil

TSR20


_

TSR20


_

Low Sulfur Fuel Oil (LSFO)


_

Low Sulfur Fuel Oil (LSFO)


_

Bonded Copper


_

Bonded Copper


_

SCFIS(Europe)


_

SCFIS(Europe)


_

DCE

No.1 Soybean

No.1 Soybean

No.1 Soybean

No.1 Soybean

No.2 Soybean

No.2 Soybean

No.2 Soybean

No.2 Soybean

Soybean Meal

Soybean Meal

Soybean Meal

Soybean Meal

Soybean Oil

Soybean Oil

Soybean Oil

Soybean Oil

RBD Palm Olein

RBD Palm Olein

RBD Palm Olein

RBD Palm Olein

Iron Ore

Iron Ore

Iron Ore


_

Linear Low-Density Polyethylene (LLDPE)

Linear Low-Density Polyethylene (LLDPE)


_


_

PP

PP


_


_

PVC

PVC


_


_

Ethenylbenzene

Ethenylbenzene


_


_

ZCE

PTA

PTA

PTA


_

Methanol

Methanol


_


_

White Sugar

White Sugar


_


_

Rapeseed Oil

Rapeseed Oil

Rapeseed Oil

Rapeseed Oil

Polyester Staple Fiber

Polyester Staple Fiber


_


_

Paraxylene (PX)

Paraxylene (PX)


_


_

Polyethylene Terephthalate Resin For Bottles

Polyethylene Terephthalate Resin For Bottles


_


_

Manganese Silicon

Manganese Silicon


_


_

Rapeseed Meal

Rapeseed Meal

Rapeseed Meal

Rapeseed Meal

Peanut Kernel

Peanut Kernel

Peanut Kernel

Peanut Kernel

GFEX

Silicon Metal

Silicon Metal


_


_

Lithium Carbonate

Lithium Carbonate


_


_

Poly Silicon

Poly Silicon


_


_

CFFEX 

(Only For Hedging Purpose)

CSI 300 Index Futures

CSI 300 Index Options


_


_

CSI 500 Index Futures

CSI 1000 Index Options

CSI 1000 Index Futures

SSE 50 Index Options

SSE 50 Index Futures


_


Our Observations


With the current uncertainties in both the domestic and international financial markets, China’s commodity futures market continues its tone of openness. It promotes the inclusion of more eligible commodity futures and options in a progressive and orderly manner, allowing QFIs to participate in the trading of a broader range of commodity futures and options. 


Although the regulatory agencies have implemented a series of stringent measures in the past year, such as enhancing the regulation of high-frequency trading to prevent excessive speculation, this has not slowed the pace of market openings. This shows the confidence of the Chinese government in its regulatory capabilities to adapt to the further opening-up of market access. The internationalization and institutionalization levels of the futures market are expected to be further enhanced.


We will continue to closely monitor any regulatory developments and provide timely updates to clients.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.