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A BIS Quarterly Review article reports that emerging market currency trading rose almost 60% between 2016 and 2019 to $1.6 trillion, reaching about 25% of global FX turnover. Offshore trading surged, and offshore markets tended to drive onshore markets during periods of global stress.
Growth in offshore emerging market currency trading adds liquidity and can amplify currency moves that affect import costs in feed-buying countries. This is background research with no immediate price effect.
bis.orgDec 8, 2019After 24 past report events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (46% higher; middle half -0.3% to +0.4%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
