Hong Kong Swaps US Dollar-HKD as Yuan-Pair Takes Top Spot

The US dollar-Chinese yuan has become Hong Kong's most-traded currency pair, surpassing the Hong Kong dollar-US dollar for the first time in April. The financial hub's Treasury Markets Association reported that average daily foreign exchange turnover in Hong Kong rose to $908.2 billion in April. The U.S. dollar-yuan pair accounted for about 30.2% of the city's total foreign exchange transactions, climbing to an average daily turnover of $274 billion.

This represents a significant increase from the previous survey, where the U.S. dollar-yuan pair averaged $198.6 billion per day. The Treasury Markets Association attributed this shift to growing economic ties between Hong Kong and mainland China.