According to Fang, the outcomes of the opening-up of Pure Terephthalic Acid (PTA) and No. 20 Standard Rubber futures are being promoted and will be released soon.
Moreover, products for Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII) are being studied.
Fang promoted five suggestions in a bid to achieve the goal. According to Fang, China should gather speed in law-making and improve its judicial systems on the futures market; and provide the outside world with more types of products and increase the influence of futures prices on the global market.
Besides, the country should improve its trading institutions to serve global investors better; ensure the stability of the futures market by strengthening cross-border supervisions and law-enforcement collaboration; as well as encouraging futures exchanges to enhance international collaboration and explore new ways to open up the futures market further to the outside world.
Fang said China had been confident in promoting the opening-up of the futures market since early this year not only in product types but also in institutions and investors.
On March 26, the crude oil futures became listed for trading, which was China’s first futures product to open up. On May 4, the iron ore futures introduced overseas investors officially. Currently, these two types of futures products have seen a stable market situation.
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