Market Turnover


CNH/USD Futures

HKEX launched its USD/CNH futures, the word’s first deliverable RMB currency futures, in September 2012 to provide greater capital efficiency and flexibility for managing RMB currency exposure. HKEX’s CNH/USD futures, denominated, margined and cash settled in USD, complement its physically-delivered USD/CNH futures product and support the expanding offshore RMB market.

Updated 03 May 2022



  • Margin and settlement in USD
  • Trading opportunities with USD/CNH futures
  • Block trade facility offers OTC flexibility and CCP benefit


Comparison with USD/CNH Futures

Comparison with USD - CNH Futures Eng

Contract Summary

Item Contract Terms
Contract CNH/USD Futures
(CNH = RMB traded in Hong Kong / USD = US dollar)
Trading Symbol UCN
Contract Month Spot month, the next three calendar months and the next six calendar quarter months
Contract Size RMB300,000
Price Quotation USD per 10 RMB  (e.g. USD1.5288 per 10 RMB)
Minimum Fluctuation USD 0.0001 (4 decimal places)
Tick Value USD 3
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 Reciprocal of 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, multiplied by 10
Settlement Method Cash settled in USD
Exchange Fee

USD 0.60

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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 February 2024^

USD/CNH Futures


USD/CNH Options 49% 

Mini USD/CNH Futures


INR/USD Futures 19%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in February 2024 (information last updated on 8 April 2024)



Updated 08 Apr 2024