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

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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 - 6:30 pm (Day Session) 7:15 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 (each of which is also a Business Day) 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 Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

Providing Continuous Quotes
	Liquidity Providers
	GHF	DAI	JPM	NHT	ORN	SGS	HTH	YAF	CSI
USD/CNH Futures	#	#		#	#	#	#	#	#
Mini USD/CNH Futures			#			#
USD/CNH Options				#

# refers to a Futures Exchange Participant acting for a Liquidity Provider in Futures Exchange Products under the Liquidity Provider Program.

List of Securities Firm Liquidity Providers for USD/CNH Futures (Circular)

Name of Securities Firm Liquidity Providers	Obligations
CGS International Holdings Limited	Provide continuous quotes
China Securities (International) Investment Company Limited	Provide continuous quotes
Huatai Financial Holdings (Hong Kong) Limited	Provide continuous quotes
Orient Securities International Financial Group Limited	Provide continuous quotes

List of Market Makers for USD/CNH Futures

Name of Market Makers	Obligations
Bank of China (Hong Kong) Limited*	Provide continuous quotes
Industrial and Commercial Bank of China (Asia) Limited*	Provide continuous quotes
The Hongkong and Shanghai Banking Corporation Limited**	Provide continuous quotes

* via UBS Derivatives Hong Kong Limited

** via HSBC Broking Futures (Hong Kong) Limited

Additional Information on Liquidity Provider Program

Market	Aggregate Market Share in February 2026^
USD/CNH Futures	16%
USD/CNH Options	50%
Mini USD/CNH Futures	63%

^aggregate market share of liquidity providers under the Liquidity Provider Program in February 2026 (information last updated on 1 April 2026)

Updated 01 Apr 2026