Dollar-Yuan trading surged in April volatility, BOE survey shows
While currency trading in London surged to a record as President Donald Trump's trade tariff policies roiled global markets, the jump in the dollar-yuan pair was particularly notable. Daily average turnover jumped 42% to $182.6 billion from October 2024, among the biggest increases for any pair, according to the BOE's semi-annual turnover survey published this week.
The reported increase in yuan volumes, which chimes with a similar survey in Singapore, may be welcomed by Chinese officials who have been trying to boost the currency's global appeal for years. The future of the US dollar's status as the world's reserve currency has been hotly debated this year amid concerns over America's fiscal discipline and unpredictable policymaking.
As a share of London's overall volumes, dollar-yuan climbed to 4.5% from 4% six months earlier, overtaking the amount of US dollars traded versus the Australian and Canadian dollar. Market share of the top three traded currency pairs — euro-dollar, dollar-yen and pound-dollar — remained broadly in line with previous surveys.
On a year-on-year basis, FX turnover in April 2025 increased by 20% compared with the BOE's April 2024 survey. Since April 2008, overall FX turnover has risen steadily to $4.045 trillion from $1.815 trillion.
The surge in dollar-yuan trading volumes in London signals China's growing prominence in the global foreign exchange market, even amid heightened global uncertainty. With daily turnover up 42 percent and the pair gaining market share, the data highlights a notable shift in FX dynamics. This could aid China's long-term goal of internationalising the yuan.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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