Hong Kong daily FX turnover rises to $908.2 billion in April 2026
Hong Kong’s average daily FX turnover reached $908.2 billion in April 2026, up from $755.3 billion in October 2025, according to the TMA survey. FX swaps remained the largest instrument category.
Hong Kong’s average daily foreign-exchange turnover reached USD 908.2 billion in April 2026, compared with USD 755.3 billion in October 2025, according to the Hong Kong Treasury Markets Association’s official survey annex. The increase extended across the principal instrument categories, while FX swaps remained the largest part of reported activity.
FX swaps averaged USD 580 billion a day, up from USD 520.5 billion in the previous survey. Spot turnover rose to USD 185.4 billion from USD 125.8 billion. Together, these readings show that the higher overall level was not confined to the market’s largest category: spot transactions also contributed to the broader expansion in activity between the two survey months.
Outright forwards provided another source of increased turnover, averaging USD 103.1 billion a day against USD 80.5 billion in October. FX options rose to USD 33.7 billion from USD 24.2 billion. Currency swaps and other OTC products also recorded higher readings, although both remained much smaller categories. The total already includes all these instruments; they are not additional volumes to be added to the headline figure.
Broader activity, with swaps still dominant
The instrument mix points to a larger volume of transactions across several parts of Hong Kong’s FX market rather than an increase isolated to one product. Nevertheless, the continued dominance of FX swaps means the headline remains heavily shaped by that segment. The increases in spot, forwards and options broaden the evidence of higher activity, but do not establish why institutions traded more or whether liquidity conditions improved.
The survey covers participating Hong Kong financial institutions and assigns activity primarily according to the location of the sales desk servicing the transaction. Its figures therefore describe that reporting scope, not retail-only trading or capital inflows. They are daily averages during each survey month, rather than monthly totals or outstanding positions. Most instrument figures are adjusted for double counting between reporting institutions; other OTC products are not. Rounding can also produce small differences between components and the reported total.
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