Forex
HK's Top Currency Pair Swap Amid Geopolitical Tensions
The Hong Kong dollar-US dollar currency pair has lost its top spot in Hong Kong's foreign exchange market, according to the Treasury Markets Association. The US dollar-Chinese yuan pair took its place for the first time in April.
Average daily foreign exchange turnover in Hong Kong rose to $908.2 billion in April, with the US dollar-yuan pair accounting for 30.2% of total transactions at $274 billion.
The surge in US dollar-yuan trading comes as Beijing and Hong Kong authorities work to establish Hong Kong as a leading offshore yuan centre amid rising geopolitical tensions.