The NDF between RMB and USD is a forward contract with no principal delivery at maturity, and the trading period and amount can be flexibly determined. After maturity, NDF is compared with the market benchmark exchange rate (the central bank's median price), and the difference is delivered in profit and loss. NDF generally conducts transactions through overseas banks. Customers need to pay a certain percentage of deposit or occupy the customer's bank trading credit when doing NDF transactions in the bank.
RMB futures are traded directly through the exchange. Futures are standard contracts, and each period has a fixed maturity date. At maturity, the balance can be delivered in cash or according to the contract principal sold. The deposit is priced at market value.