Dollar-yuan becomes Hong Kong's most-traded currency pair for first time
In a first, the U.S. dollar-Chinese yuan currency pair has emerged as Hong Kong's most-traded pair, according to data from the city's financial hub, the Treasury Markets Association (TMA). The average daily foreign exchange turnover in Hong Kong surged to $908.2 billion in April, surpassing earlier figures. The U.S. dollar-yuan pair's average daily turnover reached $274 billion, making up approximately 30.2% of the city's total foreign exchange transactions.
This marked a significant increase from $198.6 billion in the previous survey. Similarly, the average daily turnover in the Hong Kong dollar-U.S. dollar pair also climbed to $240.2 billion. Both Beijing and Hong Kong authorities have introduced measures to promote currency, bond, and gold trading in Hong Kong, aiming to solidify the city's position as a premier offshore yuan center.
Amid rising geopolitical tensions, these efforts underscore the city's growing importance in global financial markets.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
