Market Turnover


Mini USD/CNH Futures

The USD/CNH Futures, together with other RMB currency futures and options listed on HKEX, are widely traded and popular risk management tools for investors to manage their RMB exposures. Mini USD/CNH Futures complement these products, catering to the needs of some market participants who prefer cash settled contract and/or smaller contract size.

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Updated 04 Jun 2021



  • Capital efficiency of exchange-traded futures
  • Margin offset with USD/CNH Futures & Options and CNH/USD Futures
  • Flexible collateral policy on RMB margin requirement
  • Allow more precise hedging with a smaller contract size of USD 20,000
  • Block trades offer OTC flexibility with minimal counterparty risk


Contract Summary

Item Contract Terms
Contract Mini USD/CNH Futures
(USD = US dollar/CNH = RMB traded in Hong Kong)
Trading Symbol MCS
Contract Month Spot month, the next three calendar months and the next six calendar quarter months
Contract Size USD 20,000
Price Quotation RMB per USD (e.g. RMB 6.2486 per USD)
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Tick Value RMB 2
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 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
Settlement Method Cash settled
Exchange Fee

RMB 1.60

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Broker Information

Name of Exchange Participant
Contact Number Contact Email Company Website 
Bright Smart Futures & Commodities Company Limited  (852) 38901688
Central China International Futures Company Limited  (852) 25001313
Changjiang Futures (HK) Ltd

 (852) 28230389

 (86) 4008595579
Chief Commodities Ltd  (852) 25009128
China Industrial Securities International Futures Limited  (852) 35095938
China International Futures (Hong Kong) Company Limited  (852) 25739868
China Merchants Futures (HK) Co., Limited  (852) 31896222
China Tonghai Securities Limited  (852) 28472222
China Xin Yongan Futures Company Limited  (852) 25297082
CITIC Futures International Company Limited  (852) 22863288
CMB International Futures Limited  (852) 37618812
CSC Futures (HK) Limited  (852) 25309966
DA International Financial Service Limited  (852) 39199123
Essence Futures

 (852) 22131888

 (86) 4008695517
First Shanghai Futures Limited  (852) 25321580
Fuji Hong Kong Commodities Company Limited  (852) 25591041
Fulbright Futures Limited  (852) 21218333
G. H. Financials (Hong Kong) Limited  (852) 58080324
GF Futures (Hong Kong) Co., Limited
 (852) 38937777
Guosen Securities (HK) Brokerage Company, Limited  (852) 28998303
Guotai Junan Futures (Hong Kong) Limited  (852) 25097563
Haitong International Futures Limited  (852) 35833388
Holly International Financial Holdings Limited  (852) 22493405
Huatai (Hong Kong) Futures Limited  (852) 39161633
i-Access Investors Limited  (852) 25212548
JinRui Futures (Hong Kong) Limited  (852) 23783718
Kaiser Futures Limited   (852) 28158373
KGI Futures (Hong Kong) Limited  (852) 28786819
Longrun Financial Group Limited  (852) 28852968
Orient Futures (Hong Kong) Limited  (852) 35191288
Phillip Commodities (HK) Ltd  (852) 22776677
Rui Da International Finance Holding Limited  (852) 25342000
Safe Gold Securities and Futures Limited  (852) 36782988
Shanxi Securities International Futures Limited  (852) 25011039
Shenwan Hongyuan Futures (H.K.) Limited  (852) 25367668
SinoPac Securities (Asia) Limited  (852) 25868232
Sun Hung Kai Commodities Limited  (852) 39202266
Synergy Futures Limited  (852) 60844052
TFI Securities and Futures Ltd  (852) 31878751
Valuable Capital Limited  (852) 25000301
Yuanta Futures (HK) Co., Limited  (852) 22939688
Yuanta Securities (Hong Kong) Company Limited  (852) 35557738
Zheshang International Financial Holdings Company Limited  (852) 21806499
Zhongtai International Futures Limited
 (852) 39792890

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
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 Liquidity Provider in Futures Exchange Products under the Cash Incentive Program


Lists of Market Makers for USD/CNH Futures

Name of Market Makers Obligations
Bank of China (Hong Kong) Limited* Provide continuous quotes
ICBC International Futures Limited Provide continuous quotes
The Hong Kong & Shanghai Banking Corporation Limited^ Provide continuous quotes

* via UBS Derivatives Hong Kong Limited

^ via HSBC Broking Futures (Hong Kong) Limited

Additional Information on Cash Incentive Liquidity Providers


Aggregate Market Share in February 2024^

USD/CNH Futures


USD/CNH Options 49% 

Mini USD/CNH Futures


INR/USD Futures 19%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in February 2024 (information last updated on 8 April 2024)



Updated 08 Apr 2024