Bank for International Settlements (BIS)

2025 Triennial Central Bank Survey

The Bank for International Settlements released its 2025 triennial Central Bank Survey, the most comprehensive census of global foreign‑exchange and over‑the‑counter derivatives markets. Covering 52 jurisdictions and data from over a thousand banks, the survey provides a rare longitudinal view of market size, structure, and evolving trends. The survey shows daily FX turnover jumping nearly 30% since 2022, reaching $9.6 trillion. The U.S. dollar remains on one side of almost 90% of all trades, while the Chinese renminbi continues its ascent, expanding its share of the market. Notably, the Swiss franc climbed to the sixth‑most‑traded currency, displacing the Canadian and Australian dollars. Geographic concentration is stark: four jurisdictions—led by the United Kingdom and followed by the United States—account for three‑quarters of global turnover. April’s heightened volatility, driven by trade‑policy announcements, spurred a surge in hedging activity, especially in forward contracts. The survey highlights that the UK retains its top‑spot as the primary FX hub, underscoring the city’s enduring infrastructure advantage. Meanwhile, the rise of the renminbi and the Swiss franc illustrates shifting currency dynamics amid evolving geopolitical and monetary‑policy landscapes. For market participants, the data signals both opportunity and risk. The rapid growth in turnover amplifies liquidity but also magnifies systemic exposure, especially given the concentration in a handful of jurisdictions. Emerging currency trends suggest that banks and corporates should diversify hedging strategies and monitor policy shifts that could reshape the FX hierarchy.