U.S. Dollar/Offshore Chinese Renminbi futures

June 2020 Average Open Interest of 1,856, up 16% vs May 2020

Key macro facts

China is the world’s second largest economy with a nominal gross domestic product of $14.1 trillion in 2019.  In order to prevent a second Covid-19 wave, China has tightened coronavirus restrictions in Beijing and other cities where further outbreaks have occurred.  The People’s Bank of China has launched a $79 billion stimulus effort to help companies stricken by the virus.  The central bank also lowered the reserve requirement ratio by one percent while cutting the interest rates on its relending and rediscounting facilities in July.  Economists expect China’s real GDP growth to be only one percent in 2020.  Chinese GDP was down -6.8% during the first half of 2020.  Analysts estimate at least an additional 22 million workers will lose their jobs in 2020, pushing up the Chinese unemployment rate to around 10%.  Around 250 million workers are expected to experience significant wage cuts between 10 to 50% this year.

Key stats

  • CNH average daily notional traded in June 2020 of $97M
  • June 2020 average daily volume of 791 contracts.

Key features

  • Cash-settled against HK TMA Fix
  • Monthly expiries
  • 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.

Key capital efficiencies and potential margin offsets

  • 50% savings with Norwegian Krone (NOK/USD) and Swedish Krona (SEK/USD)
  • 50% savings with Copper (HG)
  • 65% savings with Australian dollar (AUD/USD)

New: Get up to 40% margin offsets with USD/CNH futures and Shanghai Gold futures.

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

Standard futures

CME Globex: CNH Bloomberg: CHYA Curncy  Reuters: 0#CNC: 

Block minimum threshold: 10

Available in Monthlies and Quarterlies  

Micro futures

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

 

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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.

Cash-settled Offshore Chinese Renminbi futures at CME Group

Available now on the platform you want


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
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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