HK hangs on to global foreign exchange trading rank

Business | 17 Sep 2019 3:00 pm

Hong Kong advanced one place and ranked third globally in terms of over-the-counter interest rate derivatives turnover and continued to be the fourth largest global foreign exchange market, according to data from The Bank for International Settlements.

The average daily turnover of foreign exchange transactions in Hong Kong increased by 44.8 percent from April, 2016 to US$632.1 billion (HK$4.93 trillion) in April this year, mainly attributed to increases in foreign exchange swaps and spot transactions, said BIS.

HK dollar against US dollar transactions surged 1.65 times over the period to US$142.3 billion, which was the most heavily traded currency pair.

Hong Kong maintained its lead as the largest offshore yuan foreign exchange and interest rate derivatives market, with average daily turnover of yuan foreign exchange transactions rising 39.6 percent in April 2016 to US$107.6 billion in April this year.

The average daily turnover of yuan OTC interest rate derivatives transactions also doubled from US$6.2 billion in April 2016 to US$12.7 billion in April 2019.


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