# Offshore markets drive trading of emerging market currencies

> 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.

- Date: 2019-12-08 · published 2019-12-08T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/8451-offshore-markets-drive-trading-of-emerging-market-currencies
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## 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 | 2018-12-21 | [China sees stable forex market in November - CGTN](https://feedsoft.ai/events/61794-china-sees-stable-forex-market-in-november-cgtn.md) | -0.1% | -1.5% |
| USDCNY | 2019-12-08 | [Renminbi turnover tilts onshore](https://feedsoft.ai/events/8448-renminbi-turnover-tilts-onshore.md) | -0.6% | -1.3% |
| USDCNY | 2018-02-07 | [Stronger yuan won’t dent China trade \| snaps \| ING THINK](https://feedsoft.ai/events/7108-stronger-yuan-won-t-dent-china-trade-snaps-ing-think.md) | +0.9% | +0.6% |
| USDCNY | 2020-02-04 | [Dollar gains on upbeat manufacturing data, virus threats cap yuan \| The Business Standard](https://feedsoft.ai/events/5140-dollar-gains-on-upbeat-manufacturing-data-virus-threats-cap-yuan-the-business.md) | -0.6% | -0.9% |

## Sources

- bis.org: https://www.bis.org/publ/qtrpdf/r_qt1912h.htm

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