Mini USD/CNH Futures - HKEX
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繁 简 About HKEX About HKEX Investor Relations Corporate Governance Sustainability Media Centre Careers Related Sites: LME HKEX Group LME Bond Connect QME HKEXnews CESC Client Connect Latest Market Data Our Products Securities Equities Exchange Traded Products Structured Products Real Estate Investment Trusts Debt Securities Listed Derivatives Equity Index Single Stock Foreign Exchange Interest Rate Commodities OTC Derivatives Eligible OTC Clear Products Interest Rate Swaps Non Deliverable Forwards Cross Currency Swaps Deliverable FX Find a Partner MSCI Index Futures & Options HKEX Sustainable & Green Exchange Our Services Trading Securities Overview Infrastructure Derivatives Overview Infrastructure Connectivity Hosting Services SDNet/2 Data and Index Services Real Time Data Services Historical Data Services Index Services Infrastructure Rules, Forms & Fees Rules Forms Fees Clearing Securities Overview Infrastructure Risk Management CCP Disclosures Listed Derivatives Overview Infrastructure Risk Management CCP Disclosures OTC Clear Overview Infrastructure Risk Management CCP Disclosures Settlement and Depository Settlement - Securities Depository Common Nominee Services Securities Admission into CCASS PFMI Unclaimed Entitlements Held by HKSCC Nominees Limited Uncertificated Securities Market Platform Services Client Connect Corporate Action Messaging Standardisation FINI - A New Era for Hong Kong’s IPO market Orion Cash Platform Orion Derivatives Platform Integrated Fund Platform HKEX Issuer Access Platform Circulars & Notices Become a Participant HKEX Connect Hall Join Our Markets IPO Listing with HKEX GEM Southeast Asia Listing Insights Northbound and Southbound Stock Connect Bond Connect Commodities LME QME Sustainable Finance at HKEX Core Climate Sustainable & Green Exchange (STAGE) Biotech @ HKEX Listing of Specialist Technology Companies Core Climate Listing Regulations Explore By Role Potential Applicants Listed Issuers Directors Rules & Resources Listing Rules Guidance Checklists, forms & templates Enforcement News & Publications What's New Listing Newsletters Reports Listing Consultations Sustainability & Governance Education Centre About Listing & Contacts News Centre Corporate News Releases Regulatory Announcements Market Communications Market Consultations News Centre HKEX Calendar Research Reports Connect Programmes Connect Hub Stock Connect Bond Connect Swap Connect Daily Statistics Market Highlights Eligible Securities Market Data Stock Quote Lookup Securities Prices Equities Exchange Traded Products Derivative Warrants Inline Warrants Callable Bull / Bear Contracts Real Estate Investment Trusts Debt Securities Futures & Options Prices Equity Index Single Stock Foreign Exchange Interest Rate Commodities Statistics Consolidated Reports Securities Market Derivatives Market Participant Clearing, Settlement and Depository HKEXnews News Alerts Market Data Services HKEX - Our Products Listed Derivatives Foreign Exchange Mini USD/CNH Futures Mini USD/CNH Futures Listed Derivatives
Foreign Exchange
Mini USD/CNH Futures
The USD/CNH Futures, together with other RMB currency futures and options listed on HKEX, are widely traded and popular risk management tools for investors to manage their RMB exposures. Mini USD/CNH Futures complement these products, catering to the needs of some market participants who prefer cash settled contract and/or smaller contract size.
To subscribe to our mailing list, or to enquire about the RMB currency products, please contact [email protected].
Updated 04 Jun 2021
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Advantages
- Capital efficiency of exchange-traded futures
- Margin offset with USD/CNH Futures & Options and CNH/USD Futures
- Flexible collateral policy on RMB margin requirement
- Allow more precise hedging with a smaller contract size of USD 20,000
- Block trades offer OTC flexibility with minimal counterparty risk
Contract Summary
| Item | Contract Terms |
|---|---|
| Contract | Mini USD/CNH Futures (USD = US dollar/CNH = RMB traded in Hong Kong) |
| Trading Symbol | MCS |
| Contract Month | Spot month, the next three calendar months and the next six calendar quarter months |
| Contract Size | USD 20,000 |
| Price Quotation | RMB per USD (e.g. RMB 6.2486 per USD) |
| Minimum Fluctuation | RMB 0.0001 (4 decimal places) |
| Tick Value | RMB 2 |
| Trading Hours | 8:30 am - 6:30 pm (Day Session) 7:15 pm - 3:00 am (AHT Session) (Expiring contract month closes at 11:00 am on the Last Trading Day) |
| Final Settlement Day | The first Trading Day after the Last Trading Day |
| Last Trading Day | Two Trading Days (each of which is also a Business Day) prior to the third (3rd) Wednesday of the Contract Month |
| Final Settlement Price | USD/CNY(HK) Spot Rate published by the Treasury Markets Association (TMA) of Hong Kong at or around 11:30 a.m. on the Last Trading Day |
| Settlement Method | Cash settled |
| Exchange Fee | RMB 1.60 |
Please click here for the disclaimer.
Broker Information
| Name of Exchange Participant | Contact Number | Contact Email | Company Website |
|---|---|---|---|
| Bright Smart Futures & Commodities Company Limited | (852) 38901688 | [email protected] | http://www.bsgroup.com.hk |
| Central China International Futures Company Limited | (852) 25001313 | [email protected] | http://www.ccnew.com.hk |
| Changjiang Futures (HK) Ltd | (852) 28230389 (86) 4008595579 | [email protected] | http://www.cjsc.com.hk |
| Chief Commodities Ltd | (852) 25009128 | [email protected] | http://www.chiefgroup.com.hk |
| China Industrial Securities International Futures Limited | (852) 35095938 | [email protected] | http://www.xyzq.com.hk |
| China International Futures (Hong Kong) Company Limited | (852) 25739868 | [email protected] | http://www.cifcohk.com |
| China Merchants Futures (HK) Co., Limited | (852) 31896222 | [email protected] | http://www.newone.com.hk |
| China Tonghai Securities Limited | (852) 28472222 | [email protected] | http://www.tonghaisec.com |
| China Xin Yongan Futures Company Limited | (852) 25297082 | http://www.yafco.com.hk | |
| CITIC Futures International Company Limited | (852) 22863288 | [email protected] | http://www.citicsf.com.hk |
| CMB International Futures Limited | (852) 37618812 | [email protected] | http://futures.cmbi.com.hk |
| CSC Futures (HK) Limited | (852) 25309966 | [email protected] | http://futures.e-capital.com.hk |
| DA International Financial Service Limited | (852) 39199123 | [email protected] | http://www.directaccess.com.hk |
| Essence Futures | (852) 22131888 (86) 4008695517 | [email protected] | http://www.eif.com.hk |
| First Shanghai Futures Limited | (852) 25321580 | [email protected] | http://www.mystockhk.com |
| Fuji Hong Kong Commodities Company Limited | (852) 25591041 | [email protected] | http://www.fujihk.com |
| Fulbright Futures Limited | (852) 21218333 | [email protected] | http://www.fulbright.com.hk |
| Futu Securities International(Hong Kong) Limited | (852) 25233588 | [email protected] | http://www.futuhk.com |
| G. H. Financials (Hong Kong) Limited | (852) 58080324 | [email protected] | http://www.ghfinancials.com |
| GF Futures (Hong Kong) Co., Limited | (852) 38937777 | [email protected] | https://www.gfqh.com.cn |
| Guosen Securities (HK) Brokerage Company, Limited | (852) 28998303 | [email protected] | http://www.guosen.com.hk |
| Guotai Junan Futures (Hong Kong) Limited | (852) 25097563 | [email protected] | http://www.gtjai.com |
| Haitong International Futures Limited | (852) 35833388 | [email protected] | http://www.htisec.com |
| Holly International Financial Holdings Limited | (852) 22493405 | [email protected] | http://www.ftol.com.hk |
| Huatai (Hong Kong) Futures Limited | (852) 39161633 | [email protected] | http://www.htfc.com.hk |
| i-Access Investors Limited | (852) 25212548 | [email protected] | http://www.i-access.com |
| JinRui Futures (Hong Kong) Limited | (852) 23783718 | [email protected] | http://www.jrqh.hk |
| Kaiser Futures Limited | (852) 28158373 | [email protected] | http://www.kaisergroup.com.hk |
| KGI Futures (Hong Kong) Limited | (852) 28786819 | [email protected] | http://www.kgieworld.com |
| Longrun Financial Group Limited | (852) 28852968 | [email protected] | http://www.longrun.com.hk |
| Orient Futures (Hong Kong) Limited | (852) 35191288 | http://dfzq.com.hk | |
| Phillip Commodities (HK) Ltd | (852) 22776677 | [email protected] | http://www.poems.com.hk/zh-hk |
| Rui Da International Finance Holding Limited | (852) 25342000 | [email protected] | http://www.ruida-int.com |
| Safe Gold Securities and Futures Limited | (852) 36782988 | [email protected] | http://www.safegoldsf.com |
| Shanxi Securities International Futures Limited | (852) 25011039 | [email protected] | http://www.ssif.com.hk |
| Shenwan Hongyuan Futures (H.K.) Limited | (852) 25367668 | [email protected] | http://www.swhyhk.com |
| SinoPac Securities (Asia) Limited | (852) 25868232 | [email protected] | http://www.sinopacasia.com |
| Sun Hung Kai Commodities Limited | (852) 39202266 | [email protected] | https://www.ebshk.com |
| Synergy Futures Limited | (852) 60844052 | [email protected] | http://www.synergyfutures.com |
| TFI Securities and Futures Ltd | (852) 31878751 | [email protected] | http://www.tfisec.com |
| Valuable Capital Limited | (852) 25000301 | [email protected] | http://hk.vbkr.com |
| Yuanta Futures (HK) Co., Limited | (852) 22939688 | [email protected] | http://www.yuantafutures.com.hk |
| Yuanta Securities (Hong Kong) Company Limited | (852) 35557738 | [email protected] | http://www.yuanta.com.hk |
| Zheshang International Financial Holdings Company Limited | (852) 21806499 | [email protected] | http://www.cnzsqh.hk |
| Zhongtai International Futures Limited | (852) 39792890 | [email protected] | http://www.ztsc.com.hk |
Margin Table
- Margin Levels for Futures Contracts - Current
- Margin Levels for Futures Contracts - Previous
- Client Margin Estimate Reference Table(HKCC) - Current
- Client Margin Estimate Reference Table (HKCC) - Previous
Market Makers or Liquidity Providers Information
Lists of Liquidity Providers in Futures Exchange Products Currency Futures and Options Products | Providing Continuous Quotes | ||||||
|---|---|---|---|---|---|---|
| Liquidity Providers | ||||||
| GHF | DAI | JPM | NHT | ORN | SGS | |
| USD/CNH Futures | # | # | # | # | # | |
| Mini USD/CNH Futures | # | # | ||||
| USD/CNH Options | # | |||||
# refers to a Futures Exchange Participant acting as a Liquidity Provider in Futures Exchange Products under the Cash Incentive Program
Lists of Market Makers for USD/CNH Futures
| Name of Market Makers | Obligations |
|---|---|
| Bank of China (Hong Kong) Limited* | Provide continuous quotes |
| Industrial and Commercial Bank of China (Asia) Limited* | Provide continuous quotes |
| The Hongkong and Shanghai Banking Corporation Limited^ | Provide continuous quotes |
* via UBS Derivatives Hong Kong Limited
^ via HSBC Broking Futures (Hong Kong) Limited
Additional Information on Cash Incentive Liquidity Providers| Market | Aggregate Market Share in January 2026^ |
|---|---|
| USD/CNH Futures | 13% |
| USD/CNH Options | 50% |
| Mini USD/CNH Futures | 63% |
^aggregate market share of liquidity providers under the Cash Incentive Program in January 2026 (information last updated on 2 March 2026)
Updated 02 Mar 2026
Frequently Asked Questions
Enter a question, keyword, or topic View All FAQsUSD/CNH Futures
USD/CNH Futures InfosheetUSD/CNH Futures InfosheetRMB Currency Products FAQExample on Final Settlement Process for RMB Currency Futures – USD-CNH Futures USD/CNH Futures InfosheetRMB Currency Products FAQExample on Final Settlement Process for RMB Currency Futures – USD-CNH Futures DownloadDownloadDownloadResources
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- Presentation Material on RMB Currency Futures Updates
Quick links
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