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USD/CNH Futures

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The introduction of the offshore Renminbi (CNH) was a major step towards the internationalisation of the Chinese currency, and put it on track to become one of the world’s reserve currencies. There has been strong and consistent growth in the CNH market throughout the internationalisation process.

HKEX launched the USD/CNH futures in September 2012, the world’s first deliverable RMB currency futures product to be quoted, margined, and settled in RMB, to provide greater capital efficiency and flexibility for managing exposure to the expanding offshore RMB market.

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

RMB volatility is driving record turnover in our USD/CNH futures contract, with several records set in June and July 2018. Read more.


Updated 22 Jan 2020


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Advantages

  • Best liquidity and market depth in periods of volatility
  • Leverage effect of futures margining
  • Hedging and risk management opportunities
  • Block trades offer OTC flexibility with minimal counterparty risk
  • Ten contract months with tenors up to 22 months
  • Physical delivery to support investors using RMB for transactions
  • Long trading hours to cover some European and US business hours
  • Flexible collateral policy on RMB margin requirement

 

Contract Summary

Item Contract Terms
Contract USD/CNH Futures
(USD = US dollar/CNH = RMB traded in Hong Kong)
Trading Symbol CUS
Contract Month Spot month, the next three calendar months and the next six calendar quarter months
Contract Size USD100,000
Price Quotation RMB per USD (e.g. RMB 6.2486 per USD)
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Tick Value RMB 10
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 third Wednesday of the Contract Month
Last Trading Day Two Hong Kong Business Days prior to the Final Settlement Day
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 Delivery of US dollars by the Seller and payment of the Final Settlement Value in RMB by the Buyer

Example on Final Settlement Process for
RMB Currency Futures – USD/CNH Futures
Exchange Fee RMB 8.00

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 April 2020^

USD/CNH Futures

0%

INR/USD Futures

0%

 

 ^aggregate market share of liquidity providers under the Cash Incentive Program in April 2020 (information last updated on 29 May 2020)

 

Updated 29 May 2020

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