HKEx Receives Regulatory Approval for Launch of First Exchange-Traded RMB Currency Futures

Hong Kong Exchanges and Clearing Limited (HKEx) has received approval from the Securities and Futures Commission to offer Renminbi (RMB) currency futures and plans to introduce them in the third quarter of this year, subject to market readiness. They will be the first exchange-traded currency futures settled in RMB.

HKEx’s RMB currency futures will require delivery of US dollars (USD) by the seller and payment of the Final Settlement Value in RMB by the buyer at maturity. Contracts will be quoted in RMB per USD (for example, RMB 6.2500 per USD) and margined in RMB, with the trading and settlement fees charged in RMB. The final settlement price of the contracts will be based on the spot USD/CNY(HK) fixing published by the Treasury Market Association (TMA) at 11:15 am on the Last Trading Day* (the fixing is available on TMA’s website). The contract specifications are attached below.

HKEx has announced plans for a RMB readiness test on 30 June and Exchange Participants are strongly encouraged to join the test.

The launch date of RMB currency futures will be announced in due course.

For additional information, please refer to HKEx’s 19 April news release, “HKEx Announces Plans for Renminbi Futures”, which is on the HKEx website.

* The Last Trading Day is two business days prior to the Final Settlement Day, which is the third Wednesday of the Contract Month.