U.S. Dollar/Offshore Chinese Renminbi (CNH) Futures Frequently Asked Questions

Get answers to frequently asked questions about CME Group's Offshore Chinese Renminbi futures contract (USD/CNH).

What is CME Group’s CNH futures contract?

The CNH futures contract is the Offshore Chinese Renminbi contract (USD/CNH) on CME Globex and CME ClearPort. Available in standard and E-micro sizes, both contracts are cash settled.

How is the USD/CNH contract different from the USD/RMB (CNY) contract?

The contract is cash settled and based on the offshore RMB rate quoted in interbank terms (otherwise known as the European quoting convention, where the number of units of the foreign currency are per dollar).

The CNY futures contract is cash-settled and based on the onshore RMB rate in both American and European terms.

Why CNH?

For a variety of market participants, CNH is already widely traded in the OTC market. The  USD/CNH futures contract is a useful risk management tool for market participants with its liquid central limit order book, largest regulated foreign exchange marketplace, and central counterparty clearing offering netting and capital efficiencies, part of the complete RMB product suite comprising both on-shore RMB products that are quoted in American and European terms, offshore RMB products (CNH), and OTC clearing of RMB products.

Who benefits from trading USD/CNH?

  • Asset Managers: USD/CNH futures provide an operationally simple and capital-efficient means to manage RMB risk for the diversified global fund manager.
  • Hedge Funds: USD/CNH futures offer unique arbitrage opportunities by enabling access to leverage in RMB markets.
  • Proprietary Traders: USD/CNH futures permit efficient and cost-effective trading in a currency product that is often associated with the growth and success of the largest economy in Asia.
  • Banks and other Financial Institutions: USD/CNH futures are effective risk management tools for hedging bank FX exposures by specific trading positions or across an entire market portfolio.
  • Retail Investors: Retail investors all over the world can gain access and exposure to one of the fastest growing currency products in the world.

Are daily pays and collects translated into USD?

No, the daily pays and collects of the contracts are in Chinese RMB via Hong Kong accounts on a daily basis.

What contract sizes are available?

USD/CNH futures contracts are available in two sizes:

  • Standard contract: 100,000 USD (Globex Code: CNH)
  • E-micro contract: One-tenth of the standard contract size — 10,000 USD (Globex Code: MNH)

What is the advantage of having E-micro USD/CNH contracts?

E-micros are fungible (offsetting) with the standard contract. As an example, a 10-contract long (short) E-micro position will offset one short (long) standard contract if both positions are held in the same account. E-micros, when combined with standard contracts, help you create more accurate hedges by better managing tail risks.

Are calendar spreads available for trading on CME Globex?

Yes, calendar spreads on the standard-size contracts are available on CME Globex out to one year forward.

What is the value of one tick size?

  • Standard contract: Outrights are quoted in 0.0001 RMB per USD (10 RMB); calendar spreads in 0.00005 RMB per USD (5 RMB)
  • E-micro contract: Outrights are quoted in 0.0001 RMB per USD (1 RMB)

What calendar months are available?

  • Standard contract: 13 consecutive calendar months (Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, and Dec) plus eight more in March, June, September, and December quarterly months (total 3-year maturity range)
  • E-micro contract: 12 consecutive calendar months (Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, and Dec)

What are the hours of trading for the product?

Sundays through Fridays: 5:00 p.m. to 4:00 p.m. Central Time(CT) the next day.

On Fridays, the CME Globex platform closes at 4:00 p.m. CT and reopens Sunday at 5:00 p.m. CT

When does trading cease on the last trading day?

Trading ceases at 11:00 a.m. Hong Kong time on the second Hong Kong business day immediately preceding the third Wednesday of the contract month.

In Central Standard Time (CT), trading ceases at 9:00 p.m. CT during the winter and 10:00 p.m. CT during the summer.

What are the position limits?

For speculative position limit purposes, standard- and E-micro-size futures positions are aggregated.

A participant shall not own or control more than the aggregated equivalent of 10,000 CME standard- size contracts (1,000,000,000 U.S. dollars in notional value), in all months combined, net long or short, at any time, or no more than 5000 CME standard-size contracts (500,000,000 U.S. dollars in notional value), in the delivery month contract, net long or short, on or after the day one week prior to the termination of trading day.

Exemptions available for bona fide hedgers, but not in the delivery month contract during the last five business days of trading.

What is the settlement process for USD/CNH Futures?

Cash settlement will be on the second Hong Kong business day before the third Wednesday of the contract month. The cash settlement rate will be reported by the Treasury Market Association rate (TMA rate) as CNY CNHHK (“CNY03").

The TMA rate is an indication of the US Dollar (USD)/Chinese Renminbi Yuan spot rate in the Hong Kong wholesale FX market (CNY(HK)) at around 11:00 am Hong Kong time, calculated based on eligible transactions sourced from contributing brokers, and expressed as the amount of Chinese Renminbi Yuan per one US Dollar. Eligible USD/CNY(HK) spot transaction(s) are those executed through an Approved Money Broker with a dedicated FX spot business, having a transacted amount of at least US$1 million, and transacted between 10:45 am and 11:15 am Hong Kong time.

The calculation methodology volume-weights the median of the eligible transactions that have reached the calculation agent by 11:25 am Hong Kong time (i.e. 10 minutes after the 30-minute window ends at 11:15 am) and are deemed to be correct for calculation. Eligible Transactions are also subject to tolerance checks (with pre- determined thresholds) with the intent of determining benchmark rates that are reflective of the underlying market at a given time.

Are USD/CNH options available?

Options on standard-size contracts may be available later.

Can block trades be executed for any of the contract expiries?

Yes. Prices for USD/CNH are available for 13 consecutive calendar months with an extension of the tenor of the contracts for up to three years via additional March quarterly cycle months. This allows for block trading opportunities at the longer end of the curve, which better serves customer needs arising from increased CNH activity, whether it is for trade or non-trade purposes.

Learn more about block trades.

Are there block trade minimums?

For standard contracts, there is a 10 contract minimum for block trades. E-micro contracts are not eligible for block trades.

Contact Us


Craig Leveille
+1 312 454 5301

Matt Gierke
+1 312 930 8543


Paul Houston
+44 20 3379 3355


Ravi Pandit
+65 6593 5562

CME Global Command Center (GCC)

U.S.: +1 800 438 8616
Asia: +65 6532 5010
Europe: +44 20 7623 4747

CME ClearPort Support

U.S.: +1 800 438 8616
Asia: +65 6532 5010
Europe: 0800 898 013