1. The beneficial influence of stock index futures on China financial market.

(1) Stock index futures are conducive to the sustainable development of the stock market and long-term investment, and to avoiding the turmoil caused by excessive short-term operation.

(2) Stock index futures trading is based on index trading, and some fund managers and investment institutions will think of index allocation when investing in stocks. Stocks with good returns, more funds and good fundamentals are well allocated. Such shares are mainly issued by state-owned enterprises. In this way, the shares of state-owned enterprises are very popular, which can raise the funds needed for development and help state-owned enterprises to master economic control and control the financial lifeline.

2. The adverse impact of stock index futures on China financial market.

(1) The introduction of stock index futures will lead to the crowding-out effect of funds and divert market funds.

(2) There is a high leverage effect in stock index futures, and a slight fluctuation in the stock market will trigger many speculators to speculate. A large number of speculative operations will inevitably cause huge fluctuations in the stock market.

(3) Due to the linkage between the spot market and the stock index futures market, some large institutions may use stock index futures trading to manipulate the market.

(B) the impact of international capital flows on China's financial market

1. The favorable impact of international capital flows on China's financial market.

(1) The massive inflow of international capital has enabled China to obtain direct investment, solved the problem of insufficient funds, made up for the hollowing out of real industries, and promoted the development of virtual economy.

(2) The inflow of international capital plays an important role in improving the internationalization level of China's financial market. The international transfer of capital has promoted the development of multinational banks and the international transfer of RMB purchasing power.

(3) Global capital flows have improved the internationalization level of financial markets and provided learning objects and reference systems for the domestic financial industry. By studying foreign capital management experience, customer service, marketing methods and financial products, it is helpful to promote the process of financial reform, enhance competitiveness and improve operating efficiency and management level.

(4) The entry and exit of international capital will help to improve China's information disclosure system and improve the quality of information disclosure.

(5) The inflow of international capital has improved the competition mechanism in the financial market.

2. The adverse impact of international capital flows on China's financial market.

(1) The instability of international capital increases the turbulence of financial markets, and changes in foreign financial markets will cause changes in domestic financial markets.

(2) The massive inflow and outflow of international capital will cause large fluctuations in the domestic capital market price. Profit from trading investment and real estate development, and gain capital gains from RMB appreciation.

(3) The harm of capital flow to China's financial market is also manifested in the imbalance of international payments, the ups and downs of exchange rate and the turbulence of financial market.

(4) International capital outflow will have a certain impact on China's financial market. As a developing country, China has benefited far less from economic globalization than developed countries. Once hit, the impact will be far greater than that of developed countries.

(C) the impact of the formation of the euro zone on China's financial market

The appearance of Euro increases the technical cost of converting Euro into China's financial industry, and the exchange rate fluctuation of Euro will also increase or decrease China's debt stock and increase the risk of holding debts and assets in European currency.

The euro has not only brought adverse effects on China's financial market, but also promoted the development of China's financial industry. The entry of European banks into China has brought advanced management methods and financial services to China.

(D) the impact of RMB exchange rate reform on the domestic financial market

1. Impact of RMB exchange rate reform on bank loan market

China's RMB flexible exchange rate mechanism has the functions of cracking down on speculative funds and adjusting the exchange rate. At present, China has basically realized interest rate marketization, but the degree of interest rate marketization is not very high. The exchange rate flexibility mechanism has accelerated the reform of interest rate marketization. China's interest rate marketization reform has increased the interest rate risk of enterprises and commercial banks, increased management costs and promoted the innovation of interest rate hedging tools.

Under the condition of market economy, the relationship between interest rate and exchange rate is interactive. Because the appreciation of RMB has not reached foreign expectations, I believe there is still room for RMB appreciation, and international capital will mainly flow to the population. The People's Bank of China intervened in the foreign exchange market to stabilize the exchange rate, resulting in foreign exchange holding and passive money supply. Excessive money supply will lead to overheating of the economy, flooding of market liquidity and inflationary pressure.

2. The impact of RMB exchange rate reform on bill market and short-term bond market.

The stable exchange rate of the People's Bank of China leads to abundant liquidity to some extent, and people's desire to buy bonds increases. It is estimated that RMB is still appreciating, which will attract international hot money to invest in domestic short-term bonds.

The implementation of flexible exchange rate in China will lead to the increase of exchange rate risk, increase the trading volume and liquidity of the bill market, and strengthen the risk awareness of enterprises to avoid foreign exchange.

3. The impact of RMB exchange rate reform on the stock market

The practice in many Asian countries has proved that the rise of local currency exchange rate will push up domestic stock prices, which in turn will lead to an increase in foreign capital inflows, which in turn will push up exchange rates, and vice versa. Since the reform of RMB exchange rate, China's foreign exchange account and balance of payments surplus have been rising, which has led to the flooding of liquidity and a large amount of funds entering the stock market. As the appreciation of RMB has a certain impact on domestic economic growth, the possibility of stock market correction will also increase.