China allows QFII and RQFII to trade treasury bond futures for hedging – CSRC announcement

On 21 April 2026, the China Securities Regulatory Commission (CSRC) issued Announcement No. 7 [2026], permitting Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII) to trade treasury bond futures on the China Financial Futures Exchange. The new rule, effective the same day, carries one firm restriction: trading is allowed for hedging only.

The decision was made in consultation with the People's Bank of China and the State Administration of Foreign Exchange.

In a brief statement on 24 April, the CSRC said the change is meant to expand the investment scope for qualified foreign investors and give them more tools to manage interest rate risk. The regulator also noted that the policy should make yuan‑denominated bond assets more attractive to foreign institutions, help stabilise their investment behaviour, and support the development of both the cash bond and futures markets.

No further details were provided. The CSRC added that more measures would follow to reform the futures market and open up China's capital market to higher international standards.