U.S. Dollar/Offshore Chinese Renminbi Futures

Now cash-settled with extensive margin offsets, YTD September 2019 ADV up 336% vs YTD September 2018

Key Macro Facts

China is the world’s second largest economy with a nominal GDP of $14.2 trillion. It plays a major role in the global economy which is reflected by the Yuan’s ranking as the 8th most traded currency with daily average turnover of $284 billion. However, the US-China trade war has seen a cut in China’s growth forecast for 2019 to 6.1% and 5.8% for 2020. Although its growth forecasts are high in comparison to other advanced economies, continued trade tensions with the US could threaten China’s status as the “world’s factory”.

Key Stats

  • Cash-settled against HK TMA Fix
  • Record volume of 5,840 on 12 September 2019
  • Monthly expiries

Key Features

  • Hedging and risk management opportunities based on the offshore RMB curve.
  • Multiple contract sizes allow for increased trading flexibility and broader market participation.
  • Block trading eligibility of standard size contracts, with maturities out three years to more effectively manage long-term exposure.
  • Nearly 24-hour access to one of the world’s fastest growing currencies through CME Globex.
  • Capital efficiency of futures margins versus bilateral OTC FX products, plus potential cross margining opportunities with OTC.

Key Capital Efficiencies and Margin Offsets

  • 75% savings with Norwegian Krone (NOK/USD)
  • and Swedish Krona (SEK/USD)
  • 45% savings with Copper (HG)
  • 35% savings with AUD, 45% with JPY and EUR
  • 40% savings with Gold (GC)
  • 30% savings with Indian Rupee (INR/USD)

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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#CNC:

E-micro Futures

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

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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:

55 Futures, 24 Options, 26 CSFs and 12 NDFs

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

$100 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
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
Minimum Price Fluctuation Outrights quoted in 0.0001 offshore Chinese renminbi per USD = 10 CNH per contract. 0.00005 offshore Chinese renminbi per USD increments (5 CNH/contract) for USD/CNH futures intra-currency spreads executed electronically.
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 Method Financially Settled
Termination Of Trading Trading terminates on the second Hong Kong business day prior to the third Wednesday of the contract month at 11:00 a.m. Hong Kong local time.
Settlement Procedures USD/CNH Futures Settlement Procedures
Position Limits CME Position Limits
Reportable Positions 25 contracts
Exchange Rulebook CME 284L
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing

E-micro Futures

Contract Unit 10,000 USD
Trading Hours CME Globex: Sundays: 5:00 p.m. – 4:00 p.m. 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.
Default: 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
Minimum Price Fluctuation 0.0001 offshore Chinese renminbi per USD
Product Code CME Globex: MNH
CME ClearPort: MNH
Clearing: MNH
Listed Contracts Monthly contracts listed for 12 consecutive months 
Settlement Method Financially Settled
Termination Of Trading Trading terminates at 11:00 a.m. Hong Kong time on the second Hong Kong business day prior to the third Wednesday of the contract month.
Position Limits CME Position Limits
Exchange Rulebook 344L
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing

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