USD/CNH Options

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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

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Advantages

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

HKATS Code

CUS

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. If it is not a Business Day, the Final Settlement Day shall be the next Business Day

Expiry Day

Two Trading Days (each of which is also a Business Day) 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

Large Open Positions

500 open contracts in any one series

Holiday Schedule

Follows the Hong Kong holiday schedule

Please click here for the disclaimer.

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