Survey results of BIS reaffirms Hong Kong's position as major int'l financial center: HKMA

HONG KONG -- The results of the 2022 Bank for International Settlements (BIS) Triennial Survey of Foreign Exchange and Derivatives Market Turnover have reaffirmed Hong Kong's position as a major international financial center, the Hong Kong Monetary Authority (HKMA) said Thursday.

The latest survey results showed that Hong Kong continued to be the fourth largest global foreign exchange market, the third largest over-the-counter (OTC) interest rate derivatives market and the top global offshore Renminbi business hub.

The survey was compiled based on the turnover data in April 2022, when Hong Kong was going through the fifth wave of COVID-19 infections, the HKMA said.

Notwithstanding the adverse impact of the pandemic on economic activities, Hong Kong still registered a notable growth in foreign exchange and derivatives market activities compared to three years ago, the HKMA said.

The average daily turnover of foreign exchange transactions in Hong Kong increased by 9.8 percent to 694.4 billion U.S. dollars in April 2022 from 632.1 billion dollars in April 2019, the survey results showed.

Hong Kong continues to be the largest offshore Renminbi foreign exchange business hub, it showed.

The average daily turnover of Renminbi foreign exchange transactions grew by 77.7 percent to $191.2 billion in April 2022 from $107.6 billion in April 2019 while the average daily turnover of Renminbi OTC interest rate derivatives transactions also increased by 15.5 percent to 14.7 billion dollars in April 2022 from $12.7 billion in April 2019.