Market Turnover
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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
Last Trading Day Two Trading Days 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
 
  GFF JPM KGI 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
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
 

Market

Aggregate Market Share in October 2023^

USD/CNH Futures

15%

USD/CNH Options 53% 

Mini USD/CNH Futures

48%

INR/USD Futures 43%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in October 2023 (information last updated on 30 November 2023)

 

 

Updated 30 Nov 2023