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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.

To subscribe to our mailing list, or to enquire about the RMB currency products, please contact FICD@hkex.com.hk. 


Updated 04 Jun 2021


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Advantages

  • 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 - 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 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 (waived* for all EPs and their clients from the Commencement Date, i.e. 26 April 2021 (T session) to 31 December 2021^)

*Remark: the exchange fee waiver does not include settlement fee which incurs from final settlement

There shall be no trading after 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 8:30 a.m. – 12:30 p.m.

Please click here for the disclaimer.

Broker Information

Name of Exchange Participant
Contact Number Contact Email Company Website 
Bright Smart Futures & Commodities Company Limited  (852) 38901688 online@bsgroup.com.hk http://www.bsgroup.com.hk
Central China International Futures Company Limited  (852) 25001313 cs@ccnew.com.hk http://www.ccnew.com.hk
Changjiang Futures (HK) Ltd

 (852) 28230389

 (86) 4008595579

futurescs@cjsc.com.hk http://www.cjsc.com.hk
Chief Commodities Ltd  (852) 25009128 futures_dept@chiefgroup.com.hk http://www.chiefgroup.com.hk
China Industrial Securities International Futures Limited  (852) 35095938 cs@xyzq.com.hk http://www.xyzq.com.hk
China International Futures (Hong Kong) Company Limited  (852) 25739868 help@cifcohk.com http://www.cifcohk.com
China Merchants Futures (HK) Co., Limited  (852) 31896222 futures@cmschina.com.hk http://www.newone.com.hk
China Tonghai Securities Limited  (852) 28472222 CTSCS@tonghaifinancial.com http://www.tonghaisec.com
China Xin Yongan Futures Company Limited  (852) 25297082   http://www.yafco.com.hk
CITIC Futures International Company Limited  (852) 22863288 cs@citicsf.com.hk http://www.citicsf.com.hk
CMB International Futures Limited  (852) 37618812 futures@cmbi.com.hk http://futures.cmbi.com.hk
CSC Futures (HK) Limited  (852) 25309966 settlement@e-capital.com.hk http://futures.e-capital.com.hk
DA International Financial Service Limited  (852) 39199123 trade@directaccess.com.hk http://www.directaccess.com.hk
Essence Futures

 (852) 22131888

 (86) 4008695517

service@eif.com.hk http://www.eif.com.hk
First Shanghai Futures Limited  (852) 25321580 cs@mystockhk.com http://www.mystockhk.com
Fuji Hong Kong Commodities Company Limited  (852) 25591041 sales@fujihk.com http://www.fujihk.com
Fulbright Futures Limited  (852) 21218333 cs@fulbright.com.hk http://www.fulbright.com.hk
G. H. Financials (Hong Kong) Limited  (852) 58080324 shi.ning@ghfinancials.com http://www.ghfinancials.com
GF Futures (Hong Kong) Co., Limited
 (852) 38937777 maxshih@gfgroup.com.hk https://www.gfqh.com.cn
Guosen Securities (HK) Brokerage Company, Limited  (852) 28998303 futures@guosen.com.hk http://www.guosen.com.hk
Guotai Junan Futures (Hong Kong) Limited  (852) 25097563 futures@gtjas.com.hk http://www.gtjai.com
Haitong International Futures Limited  (852) 35833388 csdept@htisec.com http://www.htisec.com
Holly International Financial Holdings Limited  (852) 22493405 jackychow@ftol.com.hk http://www.ftol.com.hk
Huatai (Hong Kong) Futures Limited  (852) 39161633 sales@htfc.com.hk http://www.htfc.com.hk
i-Access Investors Limited  (852) 25212548 info@i-access.com http://www.i-access.com
JinRui Futures (Hong Kong) Limited  (852) 23783718 jrhkdealing@jrqh.com.cn http://www.jrqh.hk
Kaiser Futures Limited   (852) 28158373 cs@kaisergroup.com.hk http://www.kaisergroup.com.hk
KGI Futures (Hong Kong) Limited  (852) 28786819 futures.hk@kgi.com http://www.kgieworld.com
Longrun Financial Group Limited  (852) 28852968 dealing@longrun.com.hk http://www.longrun.com.hk
Orient Futures (Hong Kong) Limited  (852) 35191288

cs@dfzq.com.hk

G-Futures@dfzq.com.hk

http://dfzq.com.hk
Phillip Commodities (HK) Ltd  (852) 22776677 futures@phillip.com.hk http://www.poems.com.hk/zh-hk
Rui Da International Finance Holding Limited  (852) 25342000 info@ruida-int.com http://www.ruida-int.com
Safe Gold Securities and Futures Limited  (852) 36782988 cs@safegoldsf.com http://www.safegoldsf.com
Shanxi Securities International Futures Limited  (852) 25011039 cs@ssif.com.hk http://www.ssif.com.hk
Shenwan Hongyuan Futures (H.K.) Limited  (852) 25367668 freddie.kwan@swhyhk.com http://www.swhyhk.com
SinoPac Securities (Asia) Limited  (852) 25868232 dealing.asia@sinopac.com http://www.sinopacasia.com
Sun Hung Kai Commodities Limited  (852) 39202266 cw.ko@ebshk.com  https://www.ebshk.com
Synergy Futures Limited  (852) 60844052 jimmy.qin@synergyfutures.com http://www.synergyfutures.com
TFI Securities and Futures Ltd  (852) 31878751 edisonwang@tfisec.com http://www.tfisec.com
Valuable Capital Limited  (852) 25000301 dealing@valuable.com.hk http://hk.vbkr.com
Yuanta Futures (HK) Co., Limited  (852) 22939688 customerservice.brk@yuanta.com http://www.yuantafutures.com.hk
Yuanta Securities (Hong Kong) Company Limited  (852) 35557738 wayne.chuang@yuanta.com http://www.yuanta.com.hk
Zheshang International Financial Holdings Company Limited  (852) 21806499 cs@cnzsqh.hk http://www.cnzsqh.hk
Zhongtai International Futures Limited
 (852) 39792890 cs@ztsc.com.hk http://www.ztsc.com.hk

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  CHI  DAI GHF  HKB ICB JPM KGI MPF NHT PHL  SGS TFF UWD  YNT
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
 

Market

Aggregate Market Share in Jul 2021^

USD/CNH Futures

3%

Mini USD/CNH Futures

69%

INR/USD Futures 53%
 

 ^aggregate market share of liquidity providers under the Cash Incentive Program in Jul 2021 (information last updated on 31 August 2021)

 

Updated 16 Sep 2021