Hong Kong Monetary Authority - Results of 2022 Bank for International Settlements Triennial Survey of Foreign Exchange and Derivatives Market Turnover

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27 Oct 2022

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

The Bank for International Settlements published today (27 October) the results of the 2022 Triennial Survey of Foreign Exchange and Derivatives Market Turnover¹.

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% 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% or US$22.5 billion) and currency swaps (+97.2% or US$21.1 billion). Foreign exchange swaps continued to be the most frequently traded instrument, accounting for 61% or US$423.9 billion of the average daily turnover, compared to 66% 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% 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% 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% 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.

Annex

Hong Kong Monetary Authority
27 October 2022

¹ The turnover part of the survey comprised collection of data on gross turnover in notional amounts of foreign exchange spot, foreign exchange and over-the-counter (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.

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