Market Turnover


EUR/CNH Futures

The growing importance and mutual recognition of the European Union (EU) and China as major trading partners have created rising demand for capital-efficient risk management tools to hedge Renminbi (RMB) currency risk against Euro (EUR). Furthermore, one of the China’s RMB exchange rate reforms is the development of a managed float regime with reference to a basket of currencies, including the EUR. Against that backdrop, HKEX’s EUR/CNH futures provide transparency in price discovery reflecting exchange rate expectations driven by market forces.

Updated 03 May 2022



  • Capital efficiency of exchange-traded futures
  • Transparent pricing in a centralised trading environment
  • Block trades off r OTC flexibility with minimal counterparty risk
  • Dedicated liquidity providers to provide narrow bid ask spreads
  • Evening trading covers European business hours


Contract Summary

Item Contract Terms
Contract EUR/CNH Futures
(EUR = Euro /CNH = RMB traded in Hong Kong)
Trading Symbol CEU
Contract Month Spot month, the next calendar month and the next two calendar quarter months
Contract Size EUR 50,000
Price Quotation RMB per EUR (e.g. RMB 6.8028 per EUR)
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Tick Value RMB 5
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 first Trading Day after the Last Trading Day
Last Trading Day Two Trading Days (each of which is also a Business Day) prior to the third (3rd) Wednesday of the Contract Month
Final Settlement Price WM/Reuters Intra-Day Spot Rate for EUR/USD at 11:00 a.m., multiplied by the 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 Cash settled in RMB
Exchange Fee RMB 5.00  

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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