# Renminbi turnover tilts onshore

> A BIS Quarterly Review piece reports that renminbi turnover averaged over $280 billion a day in April 2019, making it the world's eighth most traded currency. Its share of global FX trading rose to 4.3% in 2019, and onshore trading gained share relative to offshore CNH trading.

- Date: 2019-12-08 · published 2019-12-08T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/8448-renminbi-turnover-tilts-onshore
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Restrictions on capital flows continue to hold back renminbi trading relative to China's economic weight. This is a structural finding with no direct price implication for feed commodities.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-01-17 | [Better-than-Expected Batch of Chinese Data Lifts Renminbi –  Currency Thoughts](https://feedsoft.ai/events/7879-better-than-expected-batch-of-chinese-data-lifts-renminbi-currency-thoughts.md) | +0.6% | +1.6% |
| USDCNY | 2019-12-08 | [Offshore markets drive trading of emerging market currencies](https://feedsoft.ai/events/8451-offshore-markets-drive-trading-of-emerging-market-currencies.md) | -0.6% | -1.3% |
| USDCNY | 2023-11-27 | [Board of Governors of the Federal Reserve System](https://feedsoft.ai/events/33431-board-of-governors-of-the-federal-reserve-system.md) | -0.1% | -0.2% |
| USDCNY | 2023-03-06 | [Board of Governors of the Federal Reserve System](https://feedsoft.ai/events/37066-board-of-governors-of-the-federal-reserve-system.md) | -0.0% | -0.5% |
| USDCNY | 2024-01-16 | [Board of Governors of the Federal Reserve System](https://feedsoft.ai/events/32376-board-of-governors-of-the-federal-reserve-system.md) | +0.4% | +0.4% |

## Sources

- bis.org: https://www.bis.org/publications/renminbi-turnover-tilts-onshore
- bis.org: https://www.bis.org/publ/qtrpdf/r_qt1912w.htm

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.