Clearing Processing for USD Offshore Chinese Renminbi (CNH) Futures and E-Micro USD/Offshore Chinese Renminbi (MNH) Futures to Launch Sunday, November 18, 2012

This advisory describes CME’s new physically delivered FX futures on the exchange rate between the US Dollar and the Offshore Chinese Renminbi.  These are referred to as Standard USD Offshore Renminbi (USD/CNH) Futures and E-micro USD Offshore Renminbi (USD/MNH) Futures.   The Globex and clearing product codes for the two new futures are CNH and MNH, respectively.

Effective on Sunday, November 18, 2012, for the trade date of Monday, November 19, 2012, CME is launching new Standard-size and E-micro-size U.S. Dollar/Offshore Chinese Renminbi (USD/CNH) Futures contracts on CME Globex and CME ClearPort.  These futures contracts feature physical delivery of Offshore Chinese Renminbi (CNH), priced in interbank terms of Offshore Chinese Renminbi per U.S. dollar with associated daily settlement variation banked in Offshore Chinese Renminbi, and fungible (offsetting) on a 10 to 1 basis between the micro and the full-sized contracts.

 
These two new contracts are in addition to CME’s other currently listed U.S. dollar vs. Chinese Renminbi products:  Chinese Renminbi/U.S. Dollar futures and options priced in American-terms of U.S. dollars per Chinese Renminbi with daily pays and collects in U.S. dollars (product code = RMB), and Standard-size and E-micro-size U.S. Dollar/Chinese Renminbi futures (product codes, respectively, CNY and MNY) priced in interbank terms of Chinese Renminbi per U.S. dollar, but with daily implied pays and collects in RMB converted and banked into U.S. dollars.  These currently listed dollar/Renminbi products are unchanged and continue to be listed for trading after introduction of the new contracts. 

For more information:  For more information, contact CME Clearing at 312-207-2525.

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For the full text of the advisory, click here