人民币货币期货

1 RMB Currency Futures – USD/CNH Futures 人民幣貨幣期貨 — 美元兌人民幣期貨 Overview The rapid growth of Hong Kong’s renminbi (RMB) market (the CNH market) since its inception has been one of the most significant developments for investors and risk managers with RMB exposure. Hong Kong: The Premier Offshore RMB Centre ■ Largest pool of RMB liquidity outside Mainland China ■ Global hub for offshore RMB trade settlement ■ RMB clearing platform with a global network (RTGS) Reasons behind USD/CNH futures contract As the internationalisation of the RMB accelerates, the demand to hedge currency risk in the CNH market is increasing. The USD/CNH futures contract provides a way to easily manage USD/ CNH exchange rate risk on the Hong Kong Futures Exchange’s electronic trading platform. 概覽 自離岸人民幣(CNH)市場在港成立以來，人民幣 投資者和相關風險經理一直注視其顯著的增長 和發展步伐。 香港：最重要的人民幣離岸中心 ■■ 中國內地以外最大的人民幣流動資金集中地 ■■ 環球離岸人民幣貿易結算樞紐 ■■ 擁有人民幣全球即時支付結算系統(RTGS) 推出美元兌人民幣期貨合約的 原因 隨著人民幣國際化進程加快，對沖貨幣風險的 需求亦相應增加。於香港期貨交易所電子交易 平台買賣的人民幣期貨合約，讓投資者能更便 捷地管理其人民幣的匯率風險。 Performance of Spot USD/CNH, USD/CNY and 1M NDF (Aug 2010 – May 2012) 美元兌人民幣離岸即期、在岸即期匯率及一個月不交收遠期外匯合約的價格現(2010年8月 至2012年5月) 6.250 6.350 6.450 6.550 6.650 6.750 6.850 2010-08 2010-11 2011-02 2011-05 2011-08 2011-11 2012-02 2012-05 USD/CNY 美元兌人民幣(在岸) RM B pe r U SD 每 美 元 兌 人 民 幣 USD/CNH 美元兌人民幣(離岸) USD/CNY 1M NDF 美元兌人民幣一個月不交收遠期外匯合約 Hong Kong Exchanges and Clearing Limited 香港交易及結算所有限公司 12/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong 香港中環港景街一號 國際金融中心一期12樓 June 2012 2012年6月 联系电话： 15557177591 2 Benefits of Trading USD/CNH Futures They are the world’s first deliverable RMB currency futures. Quoted, margined and settled in RMB, the contract will be well positioned to complement the deliverability of the CNH market and the increasing number of RMB hedging and investment products available in Hong Kong. Hedge or take on RMB exchange rate risk Investors will be able to hedge or take on RMB exposure with USD/CNH futures. There is no restriction on the use of CNH, so the CNH market is a good reflection of supply and demand. Quoted in standard interbank FX terms The contract is quoted in standard interbank FX terms: RMB to USD (e.g. RMB6.2486 per USD). Delivery of USD for RMB USD/CNH futures will be settled at expiration by exchanging principal (contract size in USD) versus payment in RMB based on the spot USD/CNY (HK) fixing published by the Treasury Markets Association in Hong Kong. Leverage Futures contracts are traded on a margin basis so only a small fraction of the total exposure is required upfront. Transparent Pricing USD/CNH futures will be offered exclusively on HKEx’s electronic derivatives trading platform, which offers transparent pricing in a regulated centralised marketplace. Access by global market participants Trading of USD/CNH futures at HKEx will give market participants from around the world, including banks, funds, proprietary trading firms and active individual traders, access to the RMB. Minimal counterparty risk Trades will be cleared and settled by HKFE Clearing Corporation Limited, an HKEx subsidiary, acting as central counterparty in every transaction. Market Makers providing liquidity Market makers will provide continuous two- sided markets throughout the trading day to enhance liquidity. 買賣美元兌人民幣期貨的好處 美元兌人民幣期貨為全球首隻人民幣可交收貨 幣期貨合約。合約以人民幣報價，收取保證金 及結算。美元兌人民幣期貨與香港離岸人民幣 市場內日益增加的對沖及投資產品，起相輔相 成的作用。 投資人民幣貨幣市場或對沖外匯風險 投資者可以藉美元兌人民幣期貨投資於人民幣 貨幣市場或對沖人民幣外匯的風險。由於離岸 人民幣的用途並沒有任何限制，因此，市場能 真正反映離岸人民幣的供求。 採用銀行同業外匯報價標準 合約採用銀行同業外匯報價標準，即每美元兌 人民幣(如每1美元兌換6.2486人民幣)。 以美元兌換人民幣實貨 在到期日，以財資市場公會發報的每美元兌人 民幣(香港)即期定盤價，按合約內容的美元合 約價值以人民幣進行實貨交收。 槓桿效應 期貨合約買賣以保證金作為入市門檻，而保證 金為合約價值的一小部分。 定價透明 香港交易所的衍生產品市場電子交易平台提供 一個具規範及定價透明的交易市場。 集合全球參與者的市場 全球市場參與者，包括銀行、基金、自營交易 公司及活躍的個人交易員匯集於香港交易所進 行美元兌人民幣期貨合約買賣。 低對手風險 香港交易所的附屬公司香港期貨結算有限公司作 為每宗交易的中央對手，減輕交易的對手風險。 市場莊家提供流通量 每個交易日，莊家將為市場提供連續相向的■ 報價，提高交易流通量。 联系电话： 15557177591 3 Contract 合約 USD/CNH Futures (USD = US dollar/CNH = RMB traded in Hong Kong) 美元兌人民幣期貨 Trading Symbol 交易代碼 CUS Contract Months 合約月份 Spot month, the next three calendar months and the next three calendar quarter months 即月、下三個曆月及之後的三個季月 Contract Size 合約金額 USD100,000 美金100,000元 Price Quotation 報價單位 RMB per USD (e.g. RMB 6.2486 per USD) 每美元兌人民幣(如1美元兌6.2486人民幣) Minimum Fluctuation 最低波幅 RMB 0.0001 (4 decimal places) 人民幣0.0001(小數點後第4個位) Trading Hours 交易時間 9:00 a.m. – 4:15 p.m. 上午9時正至下午4時15分 Final Settlement Day 最後結算日 The third Wednesday of the Contract Month 合約月份的第三個星期三 Last Trading Day 最後交易日 Two Hong Kong Business Days prior to the Final Settlement Day 最後結算日之前兩個營業日 Final Settlement Price 最後結算價 Spot USD/CNY (HK) fixing published at 11:15 a.m. on the Last Trading Day by Treasury Markets Association (TMA) of Hong Kong 香港財資市場公會在最後交易日上午11時15分公布的美元兌人民幣 (香港)即期匯率定盤價 Settlement Method 結算方式 Delivery of US dollars by the Seller and payment of the Final Settlement Value in RMB by the Buyer 由賣方繳付合約指定的美元金額，而買方則繳付以最後結算價計算的 人民幣金額 Exchange Fee 交易所費用 RMB 8.00 人民幣8.00元 Block Trade Threshold 大手交易最低合約交易量 50 contracts 50張合約 * Please visit the HKEx website for details which may be updated from time to time (http://www.hkex.com.hk/) *■請參閱香港交易所網站不時更新的資料(http://www.hkex.com.hk/) RMB Currency Futures Contract Summary 美元兌人民幣期貨合約概要 联系电话： 15557177591 4 Reference Rates on Spot CNH Market 人民幣即期參考價 The following is the Treasury Markets Association’s disclaimer and copyright notice regarding information provided on its website: a. The price fixings and reference rates in this website are provided with delays for general information purposes. While the Treasury Markets Association (TMA) will make all reasonable efforts to ensure a continuous, accurate and timely service, the TMA and other data providers make no warranties, representations or undertakings, expressed or implied by law or otherwise, in relation to the price fixings and reference rates and are not responsible for any errors or omissions, or losses caused by disruptions in the service or late publication of the daily rates or inaccuracy of the daily rates or otherwise arising from the use of or reliance on the price fixings and reference rates. By viewing or downloading these rates, you implicitly accept this disclaimer and agree to its terms. b. TMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided on its website. c. The content available on this website, including but not limited to all text, graphics, drawings, diagrams, photographs and compilation of data or other materials, are protected by copyright. TMA is the owner of all copyright works contained in this website. The information or part of it may be re-disseminated or reproduced provided the source of the information is acknowledged. 以下為有關財資市場公會就其網站所提供的資料之免責聲明及版權細則： a.■ 本網站的所有定價和參考價只供一般參考，所有定價和參考價資料均延遲公布。財資市場公會將盡力提供連續、準確與及時的服務。■ 然而，財資市場公會及其資料提供夥伴不代表、亦不會對網站內的任何定價和參考價作出任何明確或間接的陳述、保證或承擔，並對基於 該等資料或有關的中斷、錯漏或延誤而作出的任何決定或導致的疏忽或損失概不負責。閣下瀏覽或下載任何定價和參考價，即表示閣下接 納免責聲明的內容，並同意遵守其條款。 b.■ 對於因進入該等網站而引起的任何損害或損失，財資市場公會恕不負責。 c.■ 本網站所載的內容，包括但不限於所有文字、圖像、繪圖、圖表、照片及數據或其他材料，均受版權保障。網站內所有受版權保障的內容 均屬財資市場公會所有。各界可轉發或轉載全部或部分資料，但須註明資料來源。 Risks of Trading Futures Futures involve a high degree of risk. Losses from futures trading can exceed your initial margin funds and you may be required to pay additional margin funds on short notice. Failure to do so may result in your position being liquidated and you being liable for any resulting deficit. You must therefore understand the risks of trading in futures and should assess whether they are right for you. You are encouraged to consult a broker or financial advisers on your suitability for futures trading in light of your financial positions and investment objectives before trading. 買賣期貨的風險■期貨涉及高程度的風險，買賣期貨所招致的損失有可能超過所繳付的開倉按金而閣下可能要在短時間的通知下繳付額外按金。■ 若未能繳付，閣下的持倉可被平倉，閣下並需要承擔所有有關的虧蝕。閣下必須清楚明白買賣期貨的風險，並且衡量是否適合買賣期貨。閣下■ 宜在進行交易前，根據閣下的財務狀況及投資目標，向經紀或財務顧問查詢是否適合買賣期貨合約。 ©Hong Kong Exchanges and Clearing Limited (HKEx) All rights reserved. Nothing herein is to be construed as a recommendation to purchase or sell futures and / or options contracts or to provide investment advice. While efforts are made to ensure the accuracy of information contained in this publication, HKEx and its subsidiaries do not warrant its accuracy, timeliness, completeness or fitness for a particular purpose and do not assume any liability for any errors or omissions or any action taken on the basis of such information. ©香港交易及結算所有限公司(香港交易所)■版權所有，不得翻印。本刊物內容不能視為向任何人士推薦期貨及／或期權合約買賣或提供投資意見。 本刊物的資料已力求準確，惟香港交易所及其附屬公司對內容所有性質的陳述概不確保其準確、及時、完整或適合某種目的。同時，香港交易所 概不就任何錯漏或根據此等資料而進行的任何行動而承擔責任。 Name 公司名稱 Spot USD/CNH 美元兌人民幣即期價 TMA Fixing 財資市場公會定盤價 Bloomberg 彭博資訊 USDCNH Curncy CNH TMAF Curncy Thomson Reuters 路透社 CNH= CNHFIX= TMA’s Spot USD/CNY(HK) Fixing ／香港財資市場公會的美元兌人民幣(香港)即期匯率 https://www.tma.org.hk/en_market_info.aspx – The Fixing which serves as the benchmark for market exchange rate of USD against CNY(HK) at 11:00 a.m. Hong Kong time is determined by averaging the middle quotes after excluding the highest two quotes and lowest two quotes from the 15 Contributing Banks. The Spot USD/CNY(HK) Fixing is published at around 11:15 a.m. Hong Kong time each business day (excluding Saturdays). Thomson Reuters is the calculating agent for the fixing. – 本定盤價為香港時間早上11時美元兌人民幣(香港)即期匯率的基準。定盤價是從15間指定銀行提供的中 間報價中剔除兩個最高及兩個最低報價，再以平均數定出。美元兌人民幣(香港)即期匯率定盤價於每個 香港的營業日(星期六除外)約上午11時15分公布。湯森路透為本定盤價的計算機構。 联系电话： 15557177591