According to the detailed rules of RMB contract published by official website Stock Exchange, RMB futures contracts will be based on the exchange rate of US dollars against RMB; Each contract is worth US$ 6,543,800, and only a deposit of 654.38+ 0.24% is required, that is, the deposit of each contract is about RMB 8,000. The contract deposit and settlement transaction fee will be denominated in RMB. According to the above rules, the entry threshold of RMB futures for investors is not high, 8,000 yuan can enter the transaction, and the investment leverage is 80 times. [ 1]
The introduction of RMB futures contracts is an important step in the internationalization of RMB, which increases the means for foreign trade enterprises to avoid exchange rate risks.
HKEx launched RMB currency futures on September 17, 2065438. The USD/RMB futures contract will become the world's first RMB deliverable currency futures contract.
Insiders pointed out that the RMB futures launched by HKEx can enable offshore holders to better manage the expected exchange rate changes, further activate the international use of RMB and promote the internationalization of RMB. It is worth mentioning that compared with Shanghai's efforts to basically establish a global RMB center in 20 15, although there is no lack of competition between Shanghai and Hong Kong, Hong Kong aims to establish an offshore RMB center, while Shanghai develops an onshore RMB center, so the two places are more cooperative and complementary.
It is understood that the US dollar against RMB (Hong Kong) futures contract amount is US$ 654.38 million, and the seller is required to pay the US dollar amount stipulated in the contract when the contract expires, and the buyer pays the RMB amount calculated at the final settlement price. The quotation of futures contracts will be calculated in USD against RMB (such as USD 65,438 +0 against RMB 6.2486), and the margin will be calculated in RMB. Transaction fees and settlement fees are also paid in RMB. The final settlement price is based on the spot exchange rate of USD against RMB (HKD) published by the Hong Kong Treasury Market Association on the morning of the last trading day 1 15.
The months of RMB currency futures contracts available for trading on September 17 are: 20 12,10, 20 12, 20 12. In addition, information about the margin requirements and dealers has been published before the product launch.