Results of 2025 BIS Triennial Survey of Foreign Exchange and OTC Derivatives Markets Turnover
******************************************************************************************
The Bank for International Settlements (BIS) published today (September 30) the results of the 2025 Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets Turnover (Note).
According to the survey results, Hong Kong remained the fourth largest global foreign exchange centre and the top global offshore Renminbi business hub.
The average daily turnover of foreign exchange transactions in Hong Kong increased by 27.2 per cent to US$883.1 billion in April 2025 from US$694.4 billion in April 2022. The growth was mainly attributed to increases in foreign exchange swaps (+33.0 per cent or US$139.8 billion), spot transactions (+28.7 per cent or US$38.5 billion) and OTC options (+165.4 per cent or US$31.4 billion). Foreign exchange swap was the most frequently traded instrument, accounting for 64 per cent or US$563.7 billion of the average daily turnover.
Hong Kong retained the top spot as the largest offshore Renminbi foreign exchange and OTC interest rate derivatives centre. The average daily turnover of Renminbi foreign exchange transactions grew by 64.8 per cent to US$315.1 billion in April 2025 from US$191.2 billion in April 2022, while the average daily turnover of Renminbi OTC interest rate derivatives transactions also increased by 67.1 per cent to US$24.5 billion in April 2025 from US$14.7 billion in April 2022.
As regards OTC interest rate derivatives, the average daily turnover in Hong Kong was US$84.1 billion in April 2025, with US dollar, Renminbi and Australian dollar OTC interest rate derivatives being the most actively traded in the Hong Kong market.
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 2025. 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/Tuesday, September 30, 2025
Issued at HKT 21:05
Issued at HKT 21:05
NNNN