China's cabinet has approved the relaunch of government bond futures after an 18-year suspension, state media reported on Wednesday, as the country moves towards a more liberalised interest rate regime.
The approval by the State Council paves the way for the China Securities Regulatory Commission (CSRC) to restart trading as soon as it wants. The market widely expects the resumption will occur around mid-September, the official China Securities Journal said.
Authorities suspended government bond futures trading in 1995 after a major trading scandal caused heavy losses to a state-controlled securities brokerage.
The reintroduction of a government bond futures market has been expected since the CSRC began simulated futures trading in February 2012. Officials have said that the derivatives are likely to be launched this year.
The move is part of efforts by Chinese regulators to develop China's bond market, which has grown rapidly in recent years but remains underdeveloped. Bond futures will improve price discovery and offer new hedging tools to dealers and investors.
Bond futures will also support China's gradual move to liberalise interest rates. Unlike bank loans, government and corporate bonds are not subject to the benchmark deposit and lending rates set by the People's Bank of China for maturities up to five years.
China had 8.07 trillion yuan ($1.30 trillion) worth of government bonds outstanding at the end of 2012, up 9 percent from 2011, official data showed.
国债期货推出方案获批 或9月中旬正式挂牌
中国证券报周三引述权威人士表示，国债期货推出方案近日已获得国务院批准，下一步将由证监会确定具体上市时间；业内人士就此预计，国债期货或于9月中旬正式挂牌，意味着其时隔18年后重返中国资本市场。
“从经济形势来看，当前是国债期货重返市场比较好的时机。国债期货上市，有利于加快利率市场化步伐，完善债券市场发展模式，改变单纯依靠现券市场‘一条腿走路’的不稳定结构。”报导引述宝城期货金融研究所所长助理程小勇认为。
程小勇并称，国债期货上市还有利于企业规避利率波动风险，对冲因利率市场化带来的波动性增大的风险，给实体企业带来更完善的金融支持；有利于完善中国期货市场结构，给投资者提供新的投资渠道和方式。
从2011年开始，国债期货的相关研究便已启动，在经过了交易所内部测试之后，于去年2月13日正式上线仿真交易，并在3月中旬顺利完成了首次仿真交割。国债期货仿真交易进行一年多以来，总体运行平稳。
根据目前合约设计，国债期货仿真交易选择了面额为100万元人民币，票面利率为3%的五年期名义标准国债为合约标的。
合约月份为最近的三个季月(3、6、9、12季月循环)；每日价格最大波动限制为上一交易日结算价的±2%；最低交易保证金为合约价值的2%；最小变动价位为0.0002个点；交易手续费为5元/手；交割方式为实物交割，可交割债券为在最后交割日剩余期限4-7年(不含7年)的固定利息国债.
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