There is no foreign exchange futures contract in domestic futures exchanges, and the most famous foreign exchange on foreign exchange futures platform should be Chicago Mercantile Exchange (CME). CME has various foreign exchange futures contracts for investors to choose from, including Japanese yen (JY), Australian dollar (AD), British pound (BP) and RMB. From 20:20 pm Beijing time to 3:00 am the next day, the trading hours of CME foreign exchange contracts are active. In addition, there are 24-hour electronic trading hours, which is also a major feature of the foreign exchange market.
The RMB futures contract value of CME 1 is 1 ten thousand RMB, and the deposit (margin) is about 1 ten thousand USD. That is to say, foreign exchange futures can be made into CME 1 lot RMB futures contracts, with a price of about 1 USD and a minimum price change of 0.0000 1, which is equivalent to1USD.
Renminbi foreign exchange futures have been listed in eight countries around the world, including exchanges in the United States, Europe and Singapore. However, due to various reasons, the construction of RMB futures market in China is seriously lagging behind, and the relevant contract varieties have not been launched so far. How to use the RMB futures market as a "double-edged sword" will be a big challenge for China's financial market construction.
Everything has advantages and disadvantages, so does the currency futures market. Advocates will put forward many benefits: the introduction of RMB futures can expand the international recognition of RMB and boost the internationalization of RMB; We can grasp the pricing power and dominance of RMB exchange rate to a certain extent, and avoid the external market controlling RMB pricing power.
Of course, opponents also have realistic reasons: RMB futures will affect the fluctuation range of RMB exchange rate, which will accelerate the appreciation when it appreciates, accelerate the depreciation when it depreciates, and the large fluctuation of exchange rate will affect the settlement of import and export trade. Bian Xiao believes that China's delay in launching RMB futures may be due to the latter's concerns.