Market Turnover


USD/CNH Options


Since the CNH trading was first introduced in Hong Kong in 2004, its market size has expanded exponentially on the back of China’s fast transformation into a leading trading country. The growth of the dim sum bond market, expansion of foreign capital participation in the Chinese securities markets, and RMB internationalisation have created demand for products, which could help market participants hedge their CNH exposure. Responding to such market requirements, HKEX introduced USD/CNH futures in 2012 and following their success and anticipating growing needs for more flexible hedging tools, HKEX introduced the exchange traded USD/CNH options as part of its strategy to build up a full range of foreign exchange derivatives products.

Updated 03 May 2022



  • Flexibility of trading and hedging strategies for various market conditions
  • Limited counterparty risks
  • Transparency and efficiency of standardised
  • Exchange-traded contracts
  • Cost effectiveness of trading on a margin basis
  • Block trade facilities supported by the HKATS
  • Variety of eight contract-month tenors, the longest being 16 months


Contract Summary

Item Contract Terms
Contract Size USD 100,000
Price Quotation Amount of RMB per USD
Options Premium 4 decimal places (i.e. 0.0001)
Tick Value RMB 10
Strike Prices Strike intervals will be set at 0.05
Official Settlement Price USD/CNY (HK) Spot Rate published by Hong Kong Treasury Markets Association (TMA) at or around 11:30 a.m. on the Expiry Day
Settlement on Exercise Physical delivery on exercise
Holder writer
Call Options Payment of the Final Settlement Value in RMB Delivery of US dollars
Put Options Delivery of US dollars Payment of the Final Settlement Value in RMB
Example on Final Settlement Process
Exercise Style European style
Contract Months Spot month, the next three calendar months and the next six calendar quarter months
Final Settlement Day Third Wednesday of the Contract Month
Expiry Day Two Trading Days prior to the Final Settlement Day
Trading Hours (Hong Kong Time) 8:30 a.m. to 6:30 p.m. (Trading hours on the Expiry Day are from 8:30 a.m. to 11:00 a.m.)
Exchange Fee RMB 8 per contract
Exercise Fee RMB 8 per contract
Commission Levy Nil
Position Limit For the USD/CNH Futures Contract, CNH/USD Futures Contract and USD/CNH Option Contract combined, a position delta of 8,000 long or short in all Contract Months combined provided that

- Position delta for the Spot Month USD/CNH Futures Contract and the Spot Month USD/CNH Option Contract combined during the five Trading Days up to and including the Expiry Day shall not exceed 2,000 long or short; and

- The position for CNH/USD Futures Contract shall not at any time exceed 16,000 net long or short contracts in all Contract Months combined

Large Open Positions 500 open contracts in any one series
Holiday Schedule Follows the Hong Kong holiday schedule

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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
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 July 2023^

USD/CNH Futures


USD/CNH Options 50% 

Mini USD/CNH Futures


INR/USD Futures 26%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in July 2023 (information last updated on 1 September 2023)



Updated 01 Sep 2023