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 - 4:30 pm (Day Session)
5:15 pm - 3:00 am (AHT Session)
(Expiring contract month closes at 3 pm on the Last Trading Day)
Final Settlement Day The first Hong Kong Business Day after the Last Trading Day
Last Trading Day Two Hong Kong Business Days prior to the third (3rd) Wednesday of the Contract Month
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 Market Makers or Liquidity Providers in Futures Exchange Products 

Currency Futures and Options Products 

Providing Continuous Quotes 
 Market Makers / 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 Market Maker or Liquidity Provider in Futures Exchange Products 

# refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products under the Cash Incentive Program


Additional Information on Cash Incentive Liquidity Providers


Aggregate Market Share in Aug 2021^

USD/CNH Futures*


Mini USD/CNH Futures


INR/USD Futures 46%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in Aug 2021 (information last updated on 4 October 2021)

 *Include block trade volumes executed under the Open Interest Promotion Program



Updated 11 Oct 2021