中国金融期货交易所（中金所）近日发布通知，宣布将上市新的国债期货合约。此举旨在进一步丰富利率风险管理工具，完善国债期货产品体系，提升市场对冲效率。新合约包括30年期国债期货，这是继2年期、5年期和10年期之后，中金所推出的又一关键期限品种，标志着我国国债期货市场向更长端利率覆盖迈出重要一步。30年期国债期货的推出，有助于满足保险、银行、基金等长期资金管理机构对超长期利率风险的对冲需求，增强其资产负债匹配能力。同时，该合约也有助于提升超长期国债二级市场的流动性，促进一级市场发行，从而更好地发挥国债在宏观调控和金融市场中的基础性作用。中金所表示，新合约将采用实物交割方式，最小变动价位为0.01元，合约乘数为每点10,000元人民币。交易规则与现有国债期货基本一致，以确保市场平稳过渡。业内人士普遍认为，30年期国债期货的上市将进一步推动我国利率市场化进程，提升金融市场的深度与韧性。
The China Financial Futures Exchange (CFFEX) recently issued a notice announcing the launch of new government bond futures contracts. This move aims to further enrich interest rate risk management tools, enhance the treasury futures product suite, and improve hedging efficiency in the market. The new offering includes a 30-year government bond futures contract—the latest addition following the existing 2-year, 5-year, and 10-year contracts—marking a significant step toward covering longer-end interest rate exposure in China’s bond futures market.The introduction of the 30-year bond futures is expected to meet the hedging needs of long-term institutional investors such as insurers, banks, and asset managers against ultra-long duration interest rate risks, thereby strengthening their asset-liability matching capabilities. It will also help boost liquidity in the secondary market for ultra-long-term government bonds and support primary market issuance, reinforcing the foundational role of government bonds in macroeconomic policy and financial markets.CFFEX stated that the new contract will use physical delivery, with a minimum price fluctuation of RMB 0.01 and a contract multiplier of RMB 10,000 per point. Its trading rules largely align with existing treasury futures to ensure a smooth market transition. Market participants widely view this launch as a positive step toward advancing China’s interest rate liberalization and enhancing the depth and resilience of its financial markets.
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