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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 20 Jan 2020


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Advantages

  • 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 Hong Kong Business Day after the Last Trading Day
Last Trading Day Two Hong Kong Business 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

Waived from 30 May 2016 – 31 December 2019


Please click here for the disclaimer.

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
 
  CFT   FLW GHF  HKB ICB NHT PHL  SGS TFF UWD YNT 
USD/CNH Futures    *  * *   *   * *  *  *
USD/CNH Options          *      *    
EUR/CNH Futures               *   *   
JPY/CNH Futures                 *  
AUD/CNH Futures               *   *  
INR/USD Futures    *  #       *    
CNH/USD Futures               *
*   

 

 
Providing Continuous Quotes
(After-Hours Futures Trading)

 Market Makers
SGS  UWD
USD/CNH 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
 

Market

Aggregate Market Share in January 2020^

USD/CNH Futures

0%

INR/USD Futures

35%

 

  ^aggregate market share of liquidity providers who may receive cash incentive for January 2020, subject to HKEX’s approval (information last updated on 28 February 2020)

 

Updated 04 Mar 2020

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