SHANGHAI, Aug 13 (Reuters) – The U.S. dollar-Chinese yuan has become the most-traded currency pair in Hong Kong, surpassing the Hong Kong dollar-U.S. dollar for the first time in April, the financial hub’s Treasury Markets Association said.
Average daily foreign exchange turnover in Hong Kong rose to $908.2 billion in April, the TMA said in its semi-annual survey published this week.
Average daily turnover in the U.S. dollar-yuan pair climbed to $274 billion, accounting for about 30.2% of the city’s total foreign exchange transactions. That compared with $198.6 billion in the previous survey.
Average daily turnover in the Hong Kong dollar-U.S. dollar pair also increased, reaching $240.2 billion.
Beijing and Hong Kong authorities have unveiled a range of measures to bolster currency, bond and gold trading in Hong Kong, stepping up efforts to establish the city as a leading offshore yuan centre amid heightened geopolitical tensions.
Reporting by Shanghai Newsroom; Editing by Jan Harvey
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
