I. Trading Threshold The entry threshold for bond futures follows the principle of the appropriateness system of stock index futures, and the threshold for opening an account is still 500,000 yuan. The margin rate of bond futures design transaction is 2%, with the target bond of 6.5438+0 million yuan in one hand and the bond of 20,000 yuan in the other. Trading varieties only need 20,000 yuan, but the threshold of up to 500,000 yuan is set, which will undoubtedly shut out most small and medium investors. Comments: It is obviously biased to draw the conclusion that there is no or little impact on A shares based on this article. Because after all, there is obviously a diversion of funds. If I remember correctly, 327 treasury bonds futures were followed by a blowout market of 5. 18. At the same time, in line with the principle of fairness, it is also foreseeable to let small and medium-sized investors participate in opening accounts. Second, the forerunner of interest rate marketization, treasury bond futures and interest rate marketization are mutually causal. Because treasury bonds futures trade the price of funds. Taking the standard contract of five-year treasury bond futures of 6.5438+0 million yuan as an example, we are dealing with how much this 6.5438+0 million yuan will be worth in five years. This price is determined by the buyers and sellers of treasury bonds futures, and its fluctuation will affect the interest rate. At present, our interest rate is determined by the central bank, and the government bond futures may be determined by the market after they are launched. Comments: The marketization of interest rate itself is the general trend, but it would be naive to think that the introduction of futures can make interest rate marketization. Because the central bank can also enter the market to trade, thus leading the interest rate trend. In fact, that's what the Fed did. III. Accelerating the Internationalization of RMB With the advancement of RMB cross-border trade settlement, the function of RMB as a reserve currency has been strengthened. Governments and institutions holding RMB abroad are increasingly demanding to buy and hold China government bonds, and they also need to use government bond futures to manage the risk of holding bonds. Comments: eggs can't all be put in one basket! We bought so much American debt and European debt. Don't other governments have such needs? Moreover, the trading volume of this market is by no means comparable to any domestic market today, and it is too easy to cash out.