Hong Kong Economic and Trade Office, USA
Hong Kong
News Release

The following is issued on behalf of the Hong Kong Monetary Authority:

Results of 2019 Bank for International Settlements Triennial Survey of Foreign Exchange and Derivatives Market Turnover

 



For more information, please contact

Melissa Ng in New York City: (212) 752 3320
Wing Yan Tong in San Francisco: (415) 835 9315
Daniel McAtee in Washington, D.C.: (202) 238 6360




September 17, 2019 - The Bank for International Settlements published yesterday (September 16) the results of the 2019 Triennial Survey of Foreign Exchange and Derivatives Market Turnover (Note).

Hong Kong advanced one place and ranked third globally in terms of over-the-counter (OTC) interest rate derivatives turnover. It continued to be the fourth largest global foreign exchange market.

According to the survey, the average daily turnover of foreign exchange transactions in Hong Kong increased by 44.8% from US$436.6 billion in April 2016 to US$632.1 billion in April 2019. The growth was attributed to increases in foreign exchange swaps (+51.2% to US$417.2 billion) and spot transactions (+22.0% to US$111.7 billion).  HK dollar against US dollar (+164.6% to US$142.3 billion) was the most heavily traded currency pair.

As regards OTC interest rate derivatives, the average daily turnover in Hong Kong increased by nearly 3 times from US$109.8 billion in April 2016 to US$435.9 billion in April 2019.  Over 90% of the increase was driven by interest rate swap transactions.

Hong Kong maintained its lead as the largest offshore Renminbi foreign exchange and interest rate derivatives market.  Hong Kong's average daily turnover of Renminbi foreign exchange transactions increased by 39.6% from US$77.1 billion in April 2016 to US$107.6 billion in April 2019.  The average daily turnover of Renminbi 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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