Hong Kong ranks fourth in global FX, top offshore RMB hub

Average daily turnover of FX transactions is 27.2% higher in 2024 compared to two years earlier.

Hong Kong remains the fourth largest global reign exchange centre, and the top global offshore Renminbi business hub in 2024, according to data from the Bank of International Settlement (BIS).

Average daily turnover of foreign exchange transactions in Hong Kong rose by 27.2% to $883.1b in April 2025, from $694.4b in 2022, on the back of increases in foreign exchange swaps, spot transactions, and OTC options.

Foreign exchange swaps rose 33% to $139.8b; spot transactions climbed by 28.7% to $38.5b; and OTC options more than doubled, rising by 165.4% to $31.4b.

Foreign exchange swap was the most frequently traded instrument, making up 64% or $563.7b of the average daily turnover, according to BIS.

The average daily turnover of renminbi foreign exchange transactions rose by 64.8% to $315.1b in April 2025, from $191.2b in April 2022. The average daily turnover of renminbi OTC interest rate derivatives transactions also rose by 67.15 to $24.5b over the same period.