Results of 2022 Bank for International Settlements Triennial Survey of Foreign Exchange and Derivatives Market Turnover

The following is issued on behalf of the Hong Kong Monetary Authority:
     The Bank for International Settlements published today (October 27) the results of the 2022 Triennial Survey of Foreign Exchange and Derivatives Market Turnover (Note).

     The results of the survey have reaffirmed Hong Kong's position as a major international financial centre. Hong Kong continued to be the fourth largest global foreign exchange market, the third largest over-the-counter (OTC) interest rate derivatives market and the top global offshore Renminbi business hub.

     The survey was compiled based on the turnover data in April 2022, when Hong Kong was going through the fifth wave of COVID-19 infections. Notwithstanding the adverse impact of the pandemic on economic activities, Hong Kong still registered a notable growth in foreign exchange and derivatives market activities compared to three years ago.

     Average daily turnover of foreign exchange transactions in Hong Kong increased by 9.8 per cent to US$694.4 billion in April 2022 from US$632.1 billion in April 2019. The growth was mainly attributed to increases in spot transactions (+20.1 per cent or US$22.5 billion) and currency swaps (+97.2 per cent or US$21.1 billion). Foreign exchange swaps continued to be the most frequently traded instrument, accounting for 61 per cent or US$423.9 billion of the average daily turnover, compared to 66 per cent or US$417.2 billion in April 2019.

     Hong Kong continues to be the largest offshore Renminbi foreign exchange and interest rate derivatives market. Average daily turnover of Renminbi foreign exchange transactions grew by 77.7 per cent to US$191.2 billion in April 2022 from US$107.6 billion in April 2019 while the average daily turnover of Renminbi OTC interest rate derivatives transactions also increased by 15.5 per cent to US$14.7 billion in April 2022 from US$12.7 billion in April 2019.

     As regards OTC interest rate derivatives, the average daily turnover in Hong Kong decreased by 26.3 per cent from US$435.9 billion in April 2019 to US$321.1 billion in April 2022.

     Detailed survey results of Hong Kong will be provided in the December issue of the HKMA Quarterly Bulletin. 

Note: The turnover part of the survey comprised collection of data on gross turnover in notional amounts of foreign exchange spot, foreign exchange and OTC interest rate derivatives transactions in April 2022. Data were reported on a "locational"basis, i.e. based on the location of the sales desk of a deal. Turnover figures have been adjusted to exclude double counting of inter-dealer transactions reported by local dealers.

Ends/Thursday, October 27, 2022
Issued at HKT 21:30