U.S. Dollar/Offshore Chinese Renminbi (USD/CNH) Futures

Physically delivered and quoted in interbank (European) terms, CME’s USD/Offshore RMB (CNH) contract provide market participants with flexible, secure tools to manage RMB exposure, improve on RMB funding costs and capitalize on opportunities associated with one of the world’s fastest growing currencies.

Key Benefits

  • Designed to allow physical delivery of RMB
  • Hedging and risk-management opportunities based on the offshore RMB curve
  • Multiple contract sizes allow for increased trading flexibility and broader market participation
  • Nearly 24-hour access to one of the world’s fast growing currencies through CME Globex
  • Block-trading eligibility of standard size contracts, with maturities out three years to more effectively manage long-term exposure
  • Capital efficiency of futures margins versus alternative bilateral OTC FX products, plus cross-margining opportunities with OTC RMB products cleared at CME Clearing 
  • Significant margin offsets of up to 50% with other CME Group products:
    • 50% savings with AUD (3:2 ratio)
    • 50% savings with EUR (1:1 ratio)
    • 50% savings with JPY (1:1 ratio)
    • 30% savings with INR (3:2 ratio)
    • 20% savings with e-mini FTSE China 50 (2:1 ratio)

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Be Part of the Trend and Trade Cash-Settled Offshore Chinese Renminbi Futures at CME Group

Available Now on the Platform You Want

Standard Futures

CME Globex: CNH    Bloomberg: CHYA<Curncy>    Reuters: 0#CNH:

E-micro Futures

CME Globex: MNH    Bloomberg: MHYA<Curncy>    Reuters: 0#MNH:

Powered by CME Globex

Bringing together market participants and their liquidity, from pension funds to banks, from hedge funds to corporates, from more than 150 countries nearly 24 hours a day, ready for market-impacting events.

Transact Beyond Futures

Choose a block or an EFRP – where you can still privately negotiate your trades, but submit them directly into our clearing systems to free up credit lines and mitigate bilateral exposure – whether you are trading in Asia or anywhere else in the world.

Reduce Risk And Manage Uncleared Margin Rule Changes

Through position-netting and by utilizing the capital and margin efficiencies of cleared and listed FX:
91 Futures, 24 Options, 26 CSFs and 12 NDFs

Get Connected To The World’s Largest Regulated FX Marketplace:

$85 billion of daily FX volume and the firm liquidity you need to manage FX risk, from Peso to Pound.


Contract Specs

Standard Futures

Contract Unit 100,000 USD (≈ CNH 621,000 as of June 18, 2015)
Minimum Price Fluctuation Outrights quoted in 0.0001 offshore Chinese renminbi per USD = 10 CNH (��� USD $1.60) per contract. 0.00005 offshore Chinese renminbi per USD increments (5 CNH/contract) for USD/CNH futures intra-currency spreads executed electronically.
Trading Hours CME Globex: Sundays: 5:00 p.m. – 4:00 p.m. Central Time (CT) next day. Monday – Friday: 5:00 p.m. – 4:00 p.m. CT the next day, except on Friday – closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. CT.
CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code CME Globex: CNH
CME ClearPort: CNH
Clearing: CNH
Listed Contracts

13 consecutive calendar months (Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec) plus 8 March quarterly months (3-year maturity range)

Settlement Procedures USD/CNH Futures Settlement Procedures
Termination Of Trading Trading ceases at 11:00 a.m. Hong Kong time on 2nd Hong Kong business day immediately preceding 3rd Wednesday of the contract month (i.e., In Chicago, 9:00 p.m. CT on Sunday night during the winter and 10:00 p.m. CT on Sunday night during the summer).
Position Limits CME Position Limits
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Deliverable

E-micro Futures

Contract Unit 10,000 USD (≈ CNH 62,100 as of June 18, 2015)
Minimum Price Fluctuation Outrights quoted in 0.0001 offshore Chinese renminbi per USD = 1 CNH
(��� USD $0.16) per contract
Trading Hours CME Globex: Sundays: 5:00 p.m. – 4:00 p.m. Central Time (CT) next day. Monday – Friday: 5:00 p.m. – 4:00 p.m. CT the next day, except on Friday – closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. CT.
CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code CME Globex: MNH
CME ClearPort: MNH
Clearing: MNH
Listed Contracts

12 consecutive calendar months (Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec)

Termination Of Trading Trading ceases at 11:00 a.m. Hong Kong time on 2nd Hong Kong business day immediately preceding 3rd Wednesday of the contract month (i.e., In Chicago, 9:00 p.m. CT on Sunday night during the winter and 10:00 p.m. CT on Sunday night during the summer).
Position Limits CME Position Limits
Exchange Rulebook 344L
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Deliverable