Results of 2025 BIS Triennial Survey of Foreign Exchange and OTC Derivatives Markets Turnover

The Bank for International Settlements (BIS) published today (30 September) the results of the 2025 Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets Turnover¹.

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% 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% or US$139.8 billion), spot transactions (+28.7% or US$38.5 billion) and OTC options (+165.4% or US$31.4 billion).  Foreign exchange swap was the most frequently traded instrument, accounting for 64% 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% 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% 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. 

Annex

Hong Kong Monetary Authority
30 September 2025