AUD/CNH Futures

Australia’s emergence as one of China’s largest trade partners in commodities has created strong demand for inter-currency payments between Renminbi (RMB) and Australian dollars (AUD). AUD is the 5th most traded currency in the world as well as a component of the basket of currencies referenced by China in its managed float exchange rate regime. In addition, given Australia’s vast mining and mineral operations, AUD offers diversification benefits through its strong link with commodities’ prices. HKEX’s AUD/CNH futures provide transparency in price discovery reflecting exchange rate expectations driven by market forces.

Updated 03 May 2022

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Advantages

Capital efficiency of exchange-traded futures
Transparent pricing in a centralised trading environment
Block trade facility offers OTC flexibility with minimal counterparty risk
Dedicated liquidity providers to provide narrow bid ask spreads
Same Asian time zone for liquidity aggregation

Contract Summary

Item	Contract Terms
Contract	AUD/CNH Futures (AUD = Australian Dollar /CNH = RMB traded in Hong Kong)
Trading Symbol	CAU
Contract Month	Spot month, the next calendar month and the next two calendar quarter months
Contract Size	AUD 80,000
Price Quotation	RMB per AUD (e.g. RMB 4.6942 per AUD)
Minimum Fluctuation	RMB 0.0001 (4 decimal places)
Tick Value	RMB 8
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 AUD/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
	GFF	GHF	DAI	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
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 July 2024^
USD/CNH Futures	16%
USD/CNH Options	50%
Mini USD/CNH Futures	48%
INR/USD Futures	30%

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

Updated 02 Sep 2024