The position limits of China CICC 2-year, 5-year and 10-year treasury bond futures contracts are as follows: (1) The unilateral position limits of a customer contract at different stages are as follows: ① From the first day of listing, the position limit is 2,000 lots; ② Starting from the trading day before the delivery month, the position limit is 600 lots. (2) The limit of positions held by non-futures company members shall be stipulated separately by the Exchange. (3) If the total number of unilateral positions in a contract exceeds 600,000 lots after settlement, the unilateral positions of the settlement members in the next trading day shall not exceed 25% of the total number of unilateral positions in the contract.
Of course, if banks, insurance and other institutions need to hold larger positions and hedge a large number of bonds they hold, they can apply to CICC for hedging or arbitrage accounts. Hedging accounts can only be used for hedging transactions, and arbitrage accounts can only be used for arbitrage transactions. Investors need to explain the purpose of their trading, and intraday trading is not allowed, but they can apply to CICC for position limit to obtain the quantity that meets their hedging and arbitrage needs.