The BIS 2025 Triennial Survey revealed that Hong Kong remains the fourth largest global foreign exchange center and top offshore Renminbi hub, with a significant increase in turnover, especially in foreign exchange swaps, spot transactions, and OTC options.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Bank for International Settlements ("BIS") published the results of the 2025 Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter ("OTC") Derivatives Markets Turnover on September 30, 2025.
The survey indicated that Hong Kong maintained its status as the fourth largest global foreign exchange center, with a significant increase in daily turnover. Daily turnover in April 2025 rose to USD 883.1 billion from USD 694.4 billion in April 2022, representing a 27.2% growth.
The growth was predominantly driven by increased foreign exchange swaps, spot transactions, and OTC options. Specifically, foreign exchange swaps increased by 33.0%, reaching USD 139.8 billion, while spot transactions grew by 28.7%, amounting to USD 38.5 billion. OTC options experienced a substantial increase of 165.4%, reaching USD 31.4 billion.
Foreign exchange swaps accounted for 64% of the average daily turnover in April 2025, equating to USD 563.7 billion.
Hong Kong retained its position as the largest offshore Renminbi foreign exchange and OTC interest rate derivatives center. The average daily turnover of Renminbi foreign exchange transactions in April 2025 surged by 64.8% to USD 315.1 billion compared to USD 191.2 billion in April 2022.
The turnover for Renminbi OTC interest rate derivatives also witnessed a 67.1% increase, reaching USD 24.5 billion from USD 14.7 billion during the same period.
In April 2025, the average daily turnover of OTC interest rate derivatives in Hong Kong amounted to USD 84.1 billion, with the most active trades in US dollar, Renminbi, and Australian dollar derivatives.
Detailed survey results for Hong Kong will be available in the December issue of the Hong Kong Monetary Authority ("HKMA") Quarterly Bulletin.
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