Chapter 284L
U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures
284L00. SCOPE OF CHAPTER
This chapter is limited in application to futures trading in U.S. dollar versus offshore Chinese renminbi(for example, held in Hong Kong or any other country outside of the People’s Republic of China
designated by CME Clearing).1 The procedures for trading, clearing, delivery, settlement and anyother matters not specifically contained herein shall be governed by the rules of the Exchange.

284L01. TRADING SPECIFICATIONS
284L01.A. Trading Schedule
Futures contracts shall be scheduled for trading and delivery during such hours and in such months
as may be determined by the Board of Directors.
284L01.B. Trading Unit
The unit of trading shall be 100,000 U.S. dollars.
284L01.C. Price Increments
For trades executed on CME Globex electronic trading platform, minimum price fluctuations shall bein multiplies of 0.0005 offshore Chinese renminbi (RMB) per U.S. dollar, equivalent to 50 RMB percontract. Trades may also occur in multiples of 0.00025 offshore Chinese renminbi (RMB) per U.S.
dollar, commonly referred to as one-half tick (25 RMB/contract) for U.S. dollar/offshore Chinese
renminbi (RMB) futures intra-currency spreads executed as simultaneous transactions pursuant toRule 542. For transactions submitted through CME ClearPort, the minimum price fluctuation shall be
0.0001 offshore Chinese renminbi per U.S. dollar.
284L.01.D. Position Limits and Position Accountability
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set
forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations &Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply tothe Market Regulation Department on forms provided by the Exchange, and the Market Regulation
Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions
from the specified position limits.
284L01.E. Termination of Trading
Futures trading shall terminate at 11:00 a.m. Hong Kong time on the second Hong Kong business
day immediately preceding the third Wednesday of the contract month.
284L01.F. Contract Modifications
Specifications shall be fixed as of the first day of trading of a contract, except that all deliveries must
conform to government regulations in force at the time of delivery. If any national or international
government agency or body issues an order, ruling, directive or law that conflicts with therequirements of these rules, such order, ruling, directive or law shall be construed to take precedence
and become part of these rules and all open and new contracts shall be subject to such government
orders.
284L01.G. Special Price Fluctuation Limits
At the commencement of each trading day, the contract shall be subject to special price fluctuation
limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations &Special Notices Section of Chapter 5.

284L02. SETTLEMENT PROCEDURES
284L02.A. Cash Settlement
All U.S. dollar/offshore Chinese renminbi futures contracts remaining open after the close of tradingon the termination of trading day shall be liquidated by cash settlement at a price equal to the Final
The Chinese renminbi (“RMB” or “people’s currency”) is denominated in the unit “yuan” (also known by symbol “CNY”).
However, Chinese renminbi held offshore in Hong Kong is also known by symbol “CNH.”
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Settlement Price in CNH. The CME U.S. dollar/offshore Chinese renminbi futures contract Final
Settlement Price shall be equal to the “CNY CNHHK” (CNY03),” which is the “Offshore Chinese
renminbi per U.S. Dollar” spot exchange rate, for settlement in two business days, reported by theTreasury Markets Association, Hong Kong (www.tma.org.hk) as its USD/CNY (HK) Spot Rate atapproximately 11:30 a.m., Hong Kong time rounded to four decimal places.
1.
Futures Final Settlement Price when the CNY CNHHK (“CNY03’) Rate is Unavailable for aGiven Day
In the event that the CNY CNHHK (CNY03) rate is determined in the sole discretion of theExchange to be unavailable on the termination of trading day, then final settlement of the CME
U.S. dollar/offshore Chinese renminbi futures contract may be deferred or postponed for up to(but not more than) 14 consecutive calendar days. Upon the publication of the CNY CNHHK(CNY03) rate prior to the lapse of such 14-day period, CME shall determine the Final
Settlement Price using the rate and the CME U.S. dollar/offshore Chinese renminbi futurescontract shall be settled on such day. If however, 14 consecutive calendar days pass without
publication of the CNY CNHHK (CNY03) rate, CME shall otherwise determine the Final
Settlement Price.
2.
Procedures after 14-Day Deferral Period
However, in the event that the Exchange determines that the Clearing House is not able todetermine a Final Settlement Price pursuant to any of the preceding sections, then Rule 812
shall apply to determine the Final Settlement Price.

284L03. DISCLAIMER
The USD/CNY(HK) Spot Rate published by the Treasury Markets Association of Hong Kong on its
website is subject to the disclaimer and copyright notice regarding information set out on its website
which may be viewed HERE.

© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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