Market Turnover


CNH/USD Futures

HKEX launched its USD/CNH futures, the word’s first deliverable RMB currency futures, in September 2012 to provide greater capital efficiency and flexibility for managing RMB currency exposure. HKEX’s CNH/USD futures, denominated, margined and cash settled in USD, complement its physically-delivered USD/CNH futures product and support the expanding offshore RMB market.

Updated 03 May 2022



  • Margin and settlement in USD
  • Trading opportunities with USD/CNH futures
  • Block trade facility offers OTC flexibility and CCP benefit


Comparison with USD/CNH Futures

Comparison with USD - CNH Futures Eng

Contract Summary

Item Contract Terms
Contract CNH/USD Futures
(CNH = RMB traded in Hong Kong / USD = US dollar)
Trading Symbol UCN
Contract Month Spot month, the next three calendar months and the next six calendar quarter months
Contract Size RMB300,000
Price Quotation USD per 10 RMB  (e.g. USD1.5288 per 10 RMB)
Minimum Fluctuation USD 0.0001 (4 decimal places)
Tick Value USD 3
Trading Hours 8:30 am - 4:30 pm (Day Session)
5:15 pm - 3:00 am (AHT Session)
(Expiring contract month closes at 11:00 am on the Last Trading Day)
Final Settlement Day The first Trading Day after the Last Trading Day
Last Trading Day Two Trading Days prior to the third (3rd) Wednesday of the Contract Month
Final Settlement Price Reciprocal of the USD/CNY(HK) Spot Rate published by the Treasury Markets Association (TMA) of Hong Kong at or around 11:30 a.m. on the Last Trading Day, multiplied by 10
Settlement Method Cash settled in USD
Exchange Fee

USD 0.60

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Margin Table

Market Makers or Liquidity Providers Information

Lists of Market Makers or Liquidity Providers in Futures Exchange Products 

Currency Futures and Options Products 

Providing Continuous Quotes 
 Market Makers / Liquidity Providers
USD/CNH Futures * * #   # * * # *
    * * * * #
Mini USD/CNH Futures
# #
    # #   #
USD/CNH Options
                *     *      
EUR/CNH Futures                       *      
JPY/CNH Futures                       *      
AUD/CNH Futures                       *      
INR/CNH Futures

INR/USD Futures
# *
       *     # *     *
CNH/USD Futures                       *

* refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products 

# refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products under the Cash Incentive Program


Additional Information on Cash Incentive Liquidity Providers


Aggregate Market Share in Apr 2022^

USD/CNH Futures*


Mini USD/CNH Futures


INR/USD Futures 34%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in Apr 2022 (information last updated on 1 June 2022)

 *Include block trade volumes executed under the Open Interest Promotion Program



Updated 01 Jun 2022