Renminbi futures are owned by the Hong Kong Stock Exchange and belong to overseas markets. Opening an account is independent of domestic futures, and you can open an account through a subsidiary of a domestic futures company in Hong Kong. Opening an account can only be signed in person, and there is also a verification process in the process of opening an account. It is generally recommended that customers go to the futures company to sign on the spot. You should make an appointment with the account manager before opening an account. There are not many qualified personnel in the futures company, so it is necessary to negotiate the time in advance. RMB futures accounts need to prepare Hong Kong and Macao passes or passports, ID cards and bank cards. After the account opening contract is signed, the domestic futures company will mail it to the futures company in Hong Kong, and the Hong Kong company will apply for the transaction code, which usually takes 2 to 3 working days.
Advantages of RMB futures:
1. The contract shall be settled by the client when it expires.
2. Invest in RMB money market or hedge foreign exchange risks.
3. Change US dollars into RMB in kind.
4. Leverage effect
5. High price transparency
6. Gather the markets of global participants.
7. Low risk of opponents
8. Market makers provide liquidity.