Market Turnover


USD/CNH Futures


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.

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Updated 01 Mar 2023



  • 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. If it is not a Business Day, the Final Settlement Day shall be the next Business Day
Last Trading Day Two Trading Days (each of which is also a Business Day) 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

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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 April 2024^

USD/CNH Futures


USD/CNH Options 50% 

Mini USD/CNH Futures


INR/USD Futures 33%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in April 2024 (information last updated on 3 June 2024)



Updated 04 Jun 2024