Treasury bond futures, as the main variety of interest rate futures, refers to the way in which buyers and sellers agree to deliver bonds at a predetermined price and quantity at a specific time in the future through organized trading places. Treasury bond futures have the characteristics of actively avoiding interest rate risk, low transaction cost, high liquidity and low credit risk.

2. What are the varieties of China treasury bonds futures?

On September 6th, 20 13, CICC listed 5-year treasury futures, on March 20th, 20 10-year treasury futures, and on August 28th, 2065 438+08, it listed 2-year treasury futures, basically forming a treasury futures product system covering short, medium and long ends.

3. Why is the target of treasury bond futures contract a nominal standard certificate?

Nominal standard coupon refers to the virtual coupon that does not exist in reality and is standardized in coupon rate and has a fixed term. It is an international practice to use nominal standard bonds as the target of treasury bond futures contracts. The design of nominal standard bonds can expand the scope of deliverable bonds, prevent futures prices from being manipulated during trading, and reduce the risk of forced liquidation during delivery.

China's 2-year treasury bond futures contract targets nominal short-term treasury bonds with a face value of 2 million yuan and a coupon rate of 3%; The 5-year treasury bond futures contract is a nominal medium-term treasury bond with a face value of 654.38+0 million yuan and coupon rate 3%; The target of the 10-year treasury bond futures contract is a nominal long-term treasury bond with a par value of100000 yuan and a coupon rate of 3%.

4. How is the contract face value of treasury bonds futures stipulated?

The face value of the contract is the face value of the corresponding target of the treasury bond futures contract, and its value should conform to the trading habits of the treasury bond spot market, taking into account the market liquidity and the characteristics of products with different maturities. China's 5-year and 10-year treasury bond futures contracts have a face value of10 million yuan, and the 2-year treasury bond futures contracts have a face value of 2 million yuan.

5. How is the coupon rate of treasury bonds futures stipulated?

Coupon rate of treasury bond futures refers to the nominal standard certificate coupon rate corresponding to the treasury bond futures contract, which is one of the core parameters of the treasury bond futures pricing mechanism. Reasonable coupon rate setting can effectively prevent price manipulation, reduce the risk of short positions, enhance the substitutability between deliverable bonds, and facilitate the smooth operation of treasury bonds futures. The coupon rate of China's treasury bond futures contract is determined by referring to the design practice of overseas treasury bond futures and combining the yield level of China's spot market. 2-year, 5-year and 10-year treasury bond futures in coupon rate are 3%.

6. What is the delivery method of China government bond futures?

China treasury bonds futures adopt the physical delivery system. Physical delivery system is the main international treasury bond futures delivery system, which has the advantages of improving hedging efficiency and promoting bond market liquidity.

7. How are the deliverable bonds of treasury bonds futures stipulated?

In the physical delivery mode, if the seller of a futures contract does not close his position before the contract expires, it is theoretically necessary to use a "nominal standard coupon" to fulfill the contract. However, in reality, "nominal standard bonds" do not exist, so the exchange stipulates that a basket of treasury bonds that exist in reality and meet a certain period of time can be delivered.

Treasury bonds futures deliverable treasury bonds shall meet the following conditions:

(1) Book-entry treasury bonds issued by People's Republic of China (PRC) and the Ministry of Finance;

(2) Listed and traded on the national inter-bank bond market, Shanghai Stock Exchange and Shenzhen Stock Exchange at the same time;

(3) Fixed interest rate and regular interest payment;

(four) in accordance with the relevant provisions of the transfer of treasury bonds;

(5) Other conditions stipulated by the Exchange.