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USD/RMB (CNY) Futures
Available in Standard and E-micro Sizes
The Chinese renminbi – or RMB – has experienced rapid growth in deposit and trading volume both on- and off-shore. The renminbi is now being used for business transactions in multiple off-shore locations which include Hong Kong, Singapore, Korea, Australia and other areas around the world. Accordingly, a need for capital risk management tools for the Chinese currency has emerged.
To address this need, CME Group has developed USD/RMB futures.
These contracts will be offered in standard and E-micro sizes and will
be quoted in conventional interbank FX market terms.
- Standard contracts: Based on USD 100,000
- E-micro contracts: 1/10 the standard contract size, based on USD 10,000
Key Features
- Cash-settled to the spot value of the interbank convention, RMB per USD, as published by the People's Bank of China (PBC)
- Daily pays and collects calculated in RMB, then translated into USDs*
- Renminbi rate is displayed on Reuters SAEC page
- Available alongside our existing RMB/USD contract quoted in the American convention
Block Trades and EFPs Available |
Resources |
Contacts |
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Privately negotiate your trades and clear them through CME ClearPort. How to register
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| Contract Specifications: Standard and E-micro USD/RMB Futures** | ||||||
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| Contract Size | Standard Futures based on 100,000 USD (≈ RMB 648,300); E-micro Futures based on 10,000 USD (≈ RMB 64,830) |
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| Tick Size | Standard Contract: Outrights quoted in 0.0010 RMB per USD = 100 RMB (≈ USD $15.42) per contract; calendar spreads quoted in 0.0005 RMB per USD = 50 RMB (≈ USD $7.71) per contract | |||||
| E-micro Contract: Outrights quoted in 0.0010 RMB per USD = 10 RMB (≈ USD $1.54) per contract | ||||||
| RMB-Denominated | Daily pays and collects calculated in RMB but translated into USD by reference to daily PBC fixing rate, and banked in USD | |||||
| CME Globex Trading Hours | Sundays through Fridays: 5:00 p.m.-4:00 p.m. (Central Time, CT) the next day. On Friday CME Globex platform closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. | |||||
| CME ClearPort Trading Hours | Sundays through Fridays: 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45–minute break each day beginning at 5:15 p.m. (4:15 p.m. CT) | |||||
| Months | Standard: 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) E-micro: 12 consecutive calendar months (Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec) |
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| Last Trading Day | 9:00 a.m. Beijing time*** on the first Beijing business day immediately preceding the third Wednesday of the contract month (usually Tuesday in Beijing), which is 7:00 p.m. CT in winter or 8:00 p.m. CT in summer on the second Chicago business day preceding the third Wednesday of the contract month (usually Monday evening CT).*** | |||||
| NDF-Style Cash Settlement | Final Settlement Price (FSP) at "Chinese renminbi per U.S. dollar" fixing rate published by PBC at 9:15 am Beijing time on Reuters SAEC page opposite "USDCNY=" | |||||
| Strike Prices | NA | |||||
| Exercise/Assignment | NA | |||||
| Position Limits / Position Accountability | USD/RMB futures converted to notional equivalents of 6,000 CME full-sized RMB/USD futures contracts (=6 billion RMB) for Position Accountability trigger level; and no more than 2,000 full-sized RMB/USD futures contracts (=2 billion RMB) for Position Limit in the spot month on or after the day one week prior to the termination of trading day.** Positions for the same account holder will be aggregated across standard-sized and E-micros futures with 10 E-micros equaling 1 standard-sized contract. **For example, if the appropriate RMB per USD rate is 6.4830 RMB per USD ("prior day's Regular Trading Hours settlement") , then one 100,000 USD standard futures contract would count as 648,300 RMB against the PA trigger level of 6 billion RMB. Similarly, one 10,000 USD E-micro futures contract would count as 64,830 RMB against the 2 billion RMB Spot Position Limit. |
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| CME Globex Codes | Standard: CNY E-micro: MNY |
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| Block Trade Eligibility and Minimum | Standard: Yes. Minimum Quantity: 50 E-micro: Not eligible for block trades. |
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| EFRP Eligibility | Yes | |||||
| Exchange Rule | These contracts are listed with, and subject to, the rules and regulations of CME. | |||||
| *Note that this process implies the possibility that the cumulative USD denominated pays and collects may not sum to zero even where trade is "scratched." I.e., a customer may buy (sell) and subsequently sell (buy) a contract at the same price quoted in terms of RMB per USD. However, contingent upon the path taken by exchange rates while the trade is open, these USD denominated cash flows, in total, may diverge somewhat from zero. **Options on USD/RMB (CNY) futures contracts will be offered for trading at a later date. ***Beijing time is either 14 or 13 hours ahead of Chicago (Central Time) depending on whether it is Standard or Daylight Saving Time in Chicago. |
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