Dollar-yuan becomes Hong Kong's most-traded currency pair for first time

The U.S. dollar and Chinese yuan have become Hong Kong's most-traded currency pair for the first time, as the city's financial hub saw average daily foreign exchange turnover jump to $908.2 billion in April, according to the Treasury Markets Association. The dollar-yuan pair accounted for roughly 30.2% of Hong Kong's total foreign exchange transactions, compared to $198.6 billion in the previous survey for the Hong Kong dollar-U.S. dollar pair.

Beijing and Hong Kong authorities have been actively promoting currency, bond, and gold trading in the city to establish it as a leading offshore yuan center amidst growing geopolitical tensions.