The renminbi has surpassed the Hong Kong dollar for the first time, becoming the largest currency pair in Hong Kong's foreign exchange transactions.

The latest semi-annual survey results of Hong Kong's foreign exchange market released by the Hong Kong Treasury Markets Association show that in April 2026, the average daily trading volume of foreign exchange transactions in Hong Kong was USD 908.2 billion. For the first time, the trading volume of USD against RMB surpassed that of USD against HKD, making it the most actively traded currency pair in the Hong Kong market. Specifically, in April, the average daily trading volume of USD against RMB was USD 274 billion, accounting for 30.2% of all foreign exchange trading in Hong Kong, exceeding the USD 240.2 billion for USD against HKD. Among this, the trading volume of USD against offshore RMB reached USD 259.2 billion, becoming the dominant player. Industry analysts believe that although Hong Kong's local currency is the HKD, the fact that USD against RMB has become its most actively traded currency pair highlights Hong Kong's long-standing position as an offshore RMB business hub.