Chinese Renminbi (CNH) Futures

Chinese Renminbi (CNH) Futures	Chinese Renminbi (CNH) Futures 	Chinese Renminbi (CNH) Futures
Contract Unit 	1,000,000 Chinese renminbi 	1,000,000 Chinese renminbi
Trading hours 	CME Globex 	Sunday - Friday 5:00 p.m. - 4:00 p.m/ CT with a 6--minute break each daybeginning at 4:00p.m. CT
Trading hours 	CME Clearport 	Sundsay5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. - 6:00 p.m. CT
Minimum price fluctuation 	Outrights: 0.00001 per Chinese renminbi = $10.00Intra-currency spreads: 0.000005 per Chinese renminbi = $5.00 	Outrights: 0.00001 per Chinese renminbi = $10.00Intra-currency spreads: 0.000005 per Chinese renminbi = $5.00
Product code 	CME Globex: RMBCME ClearPort: RMBClearing: RMB 	CME Globex: RMBCME ClearPort: RMBClearing: RMB
Listed contracts 	Monthly contracts listed for 13 consecutive months and quarterly contracts (Mar, Jun, Sep & Dec) listed for 8 consecutive quarters 	Monthly contracts listed for 13 consecutive months and quarterly contracts (Mar, Jun, Sep & Dec) listed for 8 consecutive quarters
Settlement method 	Financially Settled 	Financially Settled
Termination of trading 	Trading terminates at 9:00 a.m. Beijing time on the second Beijing day prior to the third Wednesday of the contract month (7:00 p.m. CT on Sunday during the winter and 8:00 p.m. Ct in Sunday during the summer).	Trading terminates at 9:00 a.m. Beijing time on the second Beijing day prior to the third Wednesday of the contract month (7:00 p.m. CT on Sunday during the winter and 8:00 p.m. Ct in Sunday during the summer).
Settlement procedures 	RMB/USD Futures Settlement Procedures 	RMB/USD Futures Settlement Procedures
Position limits 	CME Position Limits 	CME Position Limits
Exchange rulebook 	CME 270 	CME 270
Block minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price limit or circuit 	Price Limits 	Price Limits
Vendor codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Chinese Renminbi (CNH) Options	Chinese Renminbi (CNH) Options 	Chinese Renminbi (CNH) Options
Contract Unit 	One futures contract for 1,000,000 Chinese renminbi 	One futures contract for 1,000,000 Chinese renminbi
Minimum Price Fluctuation 	$.00001 per Chinese renminbi increments ($10.00/contract). Also, trades may occur at $.000005, ($5), $.000015 ($15), $.000025 ($25), .000035 ($35), .000045 ($45), when price is below five ticks of premium. 	$.00001 per Chinese renminbi increments ($10.00/contract). Also, trades may occur at $.000005, ($5), $.000015 ($15), $.000025 ($25), .000035 ($35), .000045 ($45), when price is below five ticks of premium.
Trading Hours 	CME Globex: 	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Trading Hours 	CME CLearport: 	Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Product Code 	CME Globex: RMB
CME ClearPort: RMB
Clearing: RMB 	CME Globex: RMB
CME ClearPort: RMB
Clearing: RMB
Listed Contracts 	Twelve consecutive months 	Twelve consecutive months
Settlement Procedures 	Option on cash-settled futures contract 	Option on cash-settled futures contract
Termination of Trading 	At the same date and time as the underlying futures contract. Trading ceases at 9:00 a.m. Beijing time* on the second Beijing business day immediately preceding the third Wednesday of the contract month (i.e., In Chicago, 7:00 p.m. CT on Sunday night during the winter and 8:00 p.m. CT on Sunday night during the summer).	At the same date and time as the underlying futures contract. Trading ceases at 9:00 a.m. Beijing time* on the second Beijing business day immediately preceding the third Wednesday of the contract month (i.e., In Chicago, 7:00 p.m. CT on Sunday night during the winter and 8:00 p.m. CT on Sunday night during the summer).
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 270A 	CME 270A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Exercise Style 	European 	European
Settlement Method 	Deliverable 	Deliverable
Underlying 	Chinese Renminbi/USD Futures 	Chinese Renminbi/USD Futures
==Description==
The Chinese Renminbi (RMB) Currency Futures refers to futures contracts based on the exchange rates between RMB and other currencies. HKEx's first RMB currency futures contract is based on the currency pair USD/CNH. CNH refers to the RMB circulated in Hong Kong.
The CNH futures contract is an Offshore Chinese Renminbi contract (USD/CNH) on CME Globex and CME ClearPort. It is available in standard size and E-micro size contracts. E-micro contracts are fungible with the standard contract. For example, a 10-contract long E-Micro position will offset 1 short standard contract if both positions are held in the same account. When combined with standard contracts, E-Micros can help customers create more accurate hedges by allowing customers to better manage tail risks.
Both Standard and E-Micro contracts feature physical delivery of Chinese Renminbi in Hong Kong. The USD/CNH contract differs from the existing USD/RMB (CNY) contract by being a physical delivery, offshore Chinese RMB contract quoted in Interbank terms, also known as the European quoting convention.
== Benefits ==
The benefits of the USD/CNH futures are listed for the following:
Asset Managers - USD/CNH futures provide 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 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.
== Resources ==
Understanding RMB Currency Futures Contract (USD/CNH) - Hong Kong Exchanges and Clearing Limited
CME Group U.S. Dollar/Offshore Chinese Renminbi (CNH) Futures Frequently Asked Questions
U.S. Dollar/Offshore Chinese Renminbi (CNH) futures Overview
CME Group to launch offshore yuan currency futures in the fourth quarter (Reuters)
Chinese Renminbi/USD Futures - Contract Specs
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