1. interest rate
Interest rate adjustment is a macro-control means for the government to tighten or expand the economy. The change of interest rate has great influence on financial derivatives trading, but little influence on commodity futures. For example, since 1994, in order to curb inflation, the central bank has substantially raised the interest rate level, increased the value-added rate of medium and long-term deposits and government bonds, and caused the futures price of government bonds to soar. On May 1995, the State Council ordered the trading of treasury bonds futures to be suspended.
2. Exchange rate
The futures market is an open market, and futures prices are closely related to commodity prices in the international market. The comparison of commodity prices in the international market inevitably involves the exchange rate of national currencies-exchange rate, that is, the ratio of domestic currency to foreign currency. When the local currency depreciates, even if the price of foreign goods remains unchanged, the price of foreign goods expressed in local currency will rise, and vice versa. Therefore, the fluctuation of exchange rate will inevitably affect the corresponding futures price changes. For example, the Brazilian currency, the real, depreciated sharply at 1998, which greatly enhanced the export competitiveness of Brazilian soybeans. Relatively speaking, the increase in soybean supply has had a negative impact on soybean prices in Chicago.