国际清算银行：美国关税冲击推动全球外汇交易量刷新纪录

Core Insights - The global foreign exchange trading volume surged to a historical high, with an average daily trading volume of $9.5 trillion in April, driven by the market turmoil caused by U.S. President Donald Trump's tariff policies [2][6] - The impact of tariffs was described as "substantial," leading to an unexpected depreciation of the U.S. dollar, which accounted for over $1.5 trillion in average daily over-the-counter trading volume in April [2][6] - Overall foreign exchange trading volume increased by over 25% compared to the last survey in 2022, surpassing the estimated peak during the market turmoil in March 2020 [2][6] Market Dynamics - The foreign exchange market acted as a shock absorber during the market turmoil in April 2025, reversing the historical relationship between the dollar and risk assets, prompting many investors to hedge currency risk exposure [2][6] - Trump's "Liberation Day" tariffs announced on April 2 triggered global asset turmoil, undermining the dollar's safe-haven status and leading to a decline in its exchange rate [2][6] - A currency volatility index from JPMorgan surged to a two-year high during the same month [2][6] Hedging Costs - Economists from the Bank for International Settlements noted that the rise in interest rates starting in 2022 led to increased hedging costs, making the impact more pronounced [3][7] - There was a heightened demand for adjusting dollar position hedges at the beginning of the month, as many investors had relatively low hedging ratios [3][7] - Despite the increase in protective buying to prevent further dollar declines, there were no signs of dollar funding pressure, with only moderate growth in foreign exchange swap trading since 2022 [3][7]