Currency futures, also known as foreign exchange futures, are futures contracts with exchange rate as the subject matter to avoid exchange rate risks. ? With the disintegration of the Bretton Woods system in the early 1970s, the fixed exchange rate system was replaced by the floating exchange rate system, and the currencies of major western countries were decoupled from the US dollar, which led to frequent exchange rate fluctuations and increased market risks. At the same time, economic globalization makes more and more enterprises face the risk of exchange rate fluctuation, and the market urgently needs tools to avoid this risk. Currency futures are produced under this background. Compared with forward foreign exchange trading, currency futures trading has the following characteristics: ① Different market participants. The participants in forward foreign exchange trading are mainly banks, multinational companies and other financial institutions, while currency futures trading provides all kinds of enterprises with management tools to avoid risks in its flexible way. ② Different liquidity. Due to the limitation of the number of participants in forward foreign exchange transactions, the liquidity of contracts is generally low, while the liquidity of currency futures transactions is better because of the large number of participants, speculators and arbitrageurs. ③ Different trading methods. The market of forward foreign exchange trading is intangible, which is built by financial institutions and their customers through various communication means, while the currency futures exchange is conducted in a special exchange and is a tangible market transaction. ④ The standardization of contracts is different. The contract content of forward foreign exchange trading is determined by financial institutions and customers according to their requirements, while the contract of currency futures trading is standardized, and the trading unit, fluctuation range, price limit and delivery time are all determined in advance. ⑤ Different credit risks. The forward foreign exchange transactions between the two sides are mainly based on each other's credit, which is relatively large. Currency futures trading is guaranteed by the exchange or settlement institution, and the risks are borne by the exchange. ③ Different ways of expression. The performance of forward foreign exchange transactions is mainly the full cash delivery of foreign exchange, while most currency futures transactions are closed by hedging, and a few are cash delivery.