Market Turnover


INR/CNH Futures

HKEX INRUSD and INRCNH Currency Futures_Final_EN_Revised 

Commenced trading on 4 November 2019.

As the first listed futures of the INR/CNH pair, the contract ties the world’s two most populous nations together. The pair would support the Renminbi (RMB)’s globalisation and meet risk management demands spanning from Asia and beyond under the Belt and Road Initiative.

Updated 11 Aug 2020



  • Transparency of the exchange-traded contracts
  • Capital efficiency of futures margining and low execution costs
  • Flexible collateral policy on USD and RMB margin requirements
  • Clearing house guarantee, which effectively eliminates counter-party risks between market participants
  • Risk management tool for an investment exposure to a non-deliverable currency


Contract Summary

Item Contract Terms
Contract INR/CNH Futures
(INR = Indian Rupee /CNH = RMB traded in Hong Kong)
Trading Symbol CIN
Contract Month Spot month, the next five calendar months and the next two calendar quarter months
Contract Size INR 2,000,000
Price Quotation RMB cents per 100 INR (e.g. 975.31 RMB cents per 100 INR)
Minimum Fluctuation 0.01 RMB cents (2 decimal places)
Tick Value RMB 2
Trading Hours 8:30 am - 6:30 pm (Day Session)
7:15 pm - 3:00 am (AHT Session)
(Expiring contract month closes at 3 pm on the Last Trading Day)
Final Settlement Day The first Trading Day after the Last Trading Day
Last Trading Day Two Trading Days prior to the third (3rd) Wednesday of the Contract Month. If it is not a Mumbai Business Day, the Last Trading Day shall be the immediately preceding Mumbai Business Day that is also a Trading Day
Final Settlement Price The reciprocal of the INR per USD (INR/1USD) reference rate published by Financial Benchmarks India Private Limited at 1:30 pm (Mumbai time) multiplied by 10,000 and the WM/Reuters Intraday Spot Rate for USD/CNH at 3:00 pm (Hong Kong time) on the Last Trading Day, rounded to 2 decimal places
Settlement Method Cash settled in RMB
Exchange Fee RMB 2.50

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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 May 2024^

USD/CNH Futures


USD/CNH Options 49% 

Mini USD/CNH Futures


INR/USD Futures 37%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in May 2024 (information last updated on 2 July 2024)



Updated 02 Jul 2024