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.

Updated 01 Mar 2023

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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 - 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 third Wednesday of the Contract Month. If it is not a Business Day, the Final Settlement Day shall be the next Business Day
Last Trading Day	Two Trading Days (each of which is also a Business Day) 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 Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

Providing Continuous Quotes
	Liquidity Providers
	GHF	DAI	JPM	NHT	SGS
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
Industrial and Commercial Bank of China (Asia) 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

Market	Aggregate Market Share in March 2025^
USD/CNH Futures	12%
USD/CNH Options	50%
Mini USD/CNH Futures	67%

^aggregate market share of liquidity providers under the Cash Incentive Program in March 2025 (information last updated on 6 May 2025)

Updated 06 May 2025