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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 ExchangesFutures ContractsAccessed by QFIOptions ContractsAccessed by QFISpecific Futures ContractsSpecific Options Contracts
SHFEGoldGold
_
_
CopperCopper
AluminumAluminum
ZincZinc
SilverSilver
Steel RebarSteel Rebar
Hot-Rolled Coils
_
Stainless Steel
_
Fuel Oil
_
Woodpulp
_
INECrude OilCrude OilCrude OilCrude Oil
TSR20
_		TSR20
_
Low Sulfur Fuel Oil (LSFO)
_		Low Sulfur Fuel Oil (LSFO)
_
Bonded Copper
_		Bonded Copper
_
SCFIS(Europe)
_		SCFIS(Europe)
_
DCENo.1 SoybeanNo.1 SoybeanNo.1 SoybeanNo.1 Soybean
No.2 SoybeanNo.2 SoybeanNo.2 SoybeanNo.2 Soybean
Soybean MealSoybean MealSoybean MealSoybean Meal
Soybean OilSoybean OilSoybean OilSoybean Oil
RBD Palm OleinRBD Palm OleinRBD Palm OleinRBD Palm Olein
Iron OreIron OreIron Ore
_
Linear Low-Density Polyethylene (LLDPE)Linear Low-Density Polyethylene (LLDPE)
_
_
PPPP
_
_
PVCPVC
_
_
EthenylbenzeneEthenylbenzene
_
_
ZCEPTAPTAPTA
_
MethanolMethanol
_
_
White SugarWhite Sugar
_
_
Rapeseed OilRapeseed OilRapeseed OilRapeseed Oil
Polyester Staple FiberPolyester Staple Fiber
_
_
Paraxylene (PX)Paraxylene (PX)
_
_
Polyethylene Terephthalate Resin For BottlesPolyethylene Terephthalate Resin For Bottles
_
_
Manganese SiliconManganese Silicon
_
_
Rapeseed MealRapeseed MealRapeseed MealRapeseed Meal
Peanut KernelPeanut KernelPeanut KernelPeanut Kernel
GFEXSilicon MetalSilicon Metal
_
_
Lithium CarbonateLithium Carbonate
_
_
Poly SiliconPoly Silicon
_
_
CFFEX (Only For Hedging Purpose)CSI 300 Index FuturesCSI 300 Index Options
_
_
CSI 500 Index FuturesCSI 1000 Index Options
CSI 1000 Index FuturesSSE 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.

WRITTEN BY

JunHE
For further information, please contact:

XIE, Qing (Natasha) – JunHe, JunHE
xieq@junhe.com

Practice Area

Professional Experience

Ms. Xie has been practicing in Shanghai since 1999. From the very outset of her career, she has had deep engagement in numerous high-profile joint venture deals and strategic collaborations with her global financial institution clients. She continues to work at the frontline of the legal profession and is closely involved in the opening-up of China’s financial industry. She specializes in working with highly regarded foreign financial institutions and institutional investors, and is an acknowledged leader in providing legal advice and services for the derivatives market and for investment funds.

She has represented many of the major participants in China’s financial markets, including numerous large-scale commercial banks and investment banks, top-tier brokers and dealers and fund managers, including traditional funds and alternative funds. Ms. Xie’s expertise has been invaluable to her clients, helping them to design the types of legal structures and cooperative arrangements required to navigate and thrive in China’s dynamic financial regulatory environment.

With twenty years of experience working in financial regulatory compliance, and having been involved with a range of complex transactions involving financial institutions, Ms. Xie has been able to resolve and implement effective legal solutions allowing numerous international institutional investors to enter into the Chinese markets, including those involving equities, bonds, and derivatives. She has received substantial endorsement and positive feedback from her clients.

Her breadth of experience in legal services relating to the opening-up of the financial industry has led to Ms. Xie’s appointment as the Deputy Director of the Expert Panel of the Financial Legal Services of the All China Lawyers’ Association. She has been selected by the Ministry of Justice as a member of the Foreign-related Legal Services Talent Bank, and was among the 2018 Top Ten Stars of the Financial Industry of the Lujiazui Financial City. 

Ms. Xie is regularly invited to participate in the formulation of law and policy for the fund industry and for the derivatives markets in China. She continues to speak on behalf of the industry and market participants, making sure their voices are heard by the Chinese regulators, and vice versa.

Education

Ms. Xie earned her LL.B. from Suchow University in 1996, and LL.M. from East China University of Political Science and Law in 1999.

Professional Associations

PRC Lawyer’s License

Language Skills

Mandarin and English

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