1. What are USD/CNH FX options?
USD/CNH FX options are physically deliverable options on the existing USD/Offshore Chinese Renminbi (USD/CNH) cash-settled futures available at CME Group.
2. When will USD/CNH FX options be available to trade?
USD/CNH FX options are available to trade from April 3, 2023.
3. Why is CME Group launching USD/CNH options?
In the last decade, CNH has grown to be among the most actively traded currencies in the world and is now considered a core currency by many institutional FX traders. CME Group is excited to expand its options product offering to include this increasingly important currency pair.
4. How do USD/CNH options differ to the already listed CNY/USD options?
CME Group already lists options on CNY/USD non-deliverable futures (NDFs). CNY refers to the onshore (mainland) Chinese renminbi rate. In contrast, CNH (offshore Chinese renminbi) is the currency traded internationally by many global institutions and traders outside of mainland China looking to position or hedge exposure to Chinese renminbi.
Specifications
5. What are the underlying futures that these options reference?
USD/CNH FX options reference existing liquid, cash-settled quarterly USD/CNH futures.
6. What expiry dates are available?
USD/CNH FX options are listed with a wide range of expiry dates available to trade, from short-dated weekly expiries to monthly expiries out to one year. Both monthly and Friday weekly expiries will be available from launch. See full calendar of available expiry dates: Monthly options and Friday weekly options.
7. What strikes are available?
USD/CNH FX options are listed with a wide range of strike prices, available to trade as calls or puts. Weekly and front monthly options are listed with strike prices every 0.025 CNH per USD. Non-front monthly options are listed with strike prices every 0.050 CNH per USD, with the ability to open new strikes at 0.025 CNH per USD increments on demand.
