港交所(00388.HK)旗下QME探討推「商品通」
港交所(00388.HK)發表題為「前海聯合交易中心在中國內地大宗商品市場扮演的獨特角色」研究報告,當中提及旗下前海聯合交易中心(QME)計劃在政策支持的前提下探討「商品通」,並有意參考「股票通」及「債券通」的實施模式,採用雙向交易設計。
報告指,相信「商品通」能探索出服務實體經濟的新模式,有助推動人民幣國際化和製造業強國建設的國家戰略,包含「請進來」及「走出去」兩種方案。「請進來」是指港交所及倫敦金屬交易所(LME)的境外客戶,可藉境外現有的交易途徑,參與QME境內產品的交易。至於「走出去」則是QME的境內客戶可藉互聯互通方式,在有限定額度的情況下,對港交所及LME的指定產品進行交易,以滿足內地投資者跨境對沖的需求。
資金結算方面,「商品通」計劃以「閉環限額」原則管理跨境資金,將參考「股票通」的方式,以交易所作為跨境資金的清算主體,同時「商品通」計劃設立每日額度限制,包括境外投資者每日資金入境淨頭寸及境內投資者每日資金出境淨頭寸。
報告並指,QME冀能藉服務實體經濟及產業客戶,重新建構國內商品的市場格局,從而創立出大宗商品的「中國價格」。屆時港交所與LME將可推出以QME現貨價格為基準的衍生產品,令境外投資者可在香港及倫敦參與內地大宗商品的投資。
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