With the continuous development of China's economy and the acceleration of RMB internationalization, on the one hand, the foreign exchange reserves are increasing, and on the other hand, the fluctuation of RMB exchange rate is increasing after the exchange rate reform. China urgently needs financial derivatives to effectively manage exchange rate risks. At present, the international popular exchange rate hedging tools are foreign exchange forward contracts, swaps and foreign exchange futures, while China's RMB exchange rate derivatives are only forward and swaps at present, and it is only a matter of time before foreign exchange futures are listed in the future. According to Li Daokui, a member of the central bank's monetary policy committee, at the recent summer forum in Davos, the free convertibility of RMB is no longer an illusion. Without great uncertainty, the RMB will basically become a convertible currency in the next five years. After RMB is freely convertible, the exchange rate will be more stable, and China assets will become more important financial instruments. By then, the demand for foreign exchange futures will explode.