内容提要 随着人民币汇率形成机制改革的推进，在岸与离岸人民币市场的联动性逐渐增强，但目前针对联动关系的微观研究较少。文章基于分钟级数据，发现离岸汇 率对信息响应更快且领先在岸变动，但同时在岸市场对离岸市场存在引导作用。定量模拟显示，报价响应速度与费率结构对这种定价差异存在影响。文章最 后在提升做市商自动化水平等方面提出政策建议，为完善人民币微观价格传导机制提供参考。 一、美元兑人民币汇率市场综述 美元兑人民币汇率市场目前存在在岸（USD/CNY）与离岸（USD/CNH）两个各具特点的市场。在岸人民币汇率市场指在中国大陆进行人民币外汇交易的市 场，实行有管理的浮动汇率制度，在资本项目管理上也与其他主要国际货币略有不同。离岸人民币汇率市场指在中国大陆以外进行人民币外汇交易的市场， 汇率主要由交易市场供求关系决定，其交易中心位于中国香港、伦敦、新加坡等金融中心。目前在岸人民币市场与离岸人民币市场的资金双向流通渠道尚未 完全开放，所以两者在价格形成机制上存在一定差异。在岸市场主要定位于服务实体经济的跨境贸易及直接投资需求，交易形式以结售汇为主。离岸市场的 价格形成机制相对更加多元化，参与者多为境外的投行、对冲基金、资 ...

Core Insights - Hong Kong has solidified its position as the fourth largest foreign exchange trading center globally, with an average daily trading volume increasing from $694.4 billion in April 2022 to $883.1 billion in April 2025, representing a growth of 27.2% [1][3] Foreign Exchange Trading Data - The average daily trading volume in Hong Kong reached $883.1 billion, confirming its status as a major international financial hub [3] - The average daily trading volume of Renminbi (RMB) in Hong Kong surged from $191.2 billion to $315.1 billion, marking a significant increase of 64.8% [3] - The trading volume of offshore RMB interest rate derivatives rose from $14.7 billion to $24.5 billion, reflecting a growth of 67.1% [3] Global Ranking of Forex Trading Centers - The top three foreign exchange trading centers are London, New York, and Singapore, with average daily trading volumes of $4,745.4 billion, $2,334.7 billion, and $1,485.3 billion respectively [6][8] - London is recognized for its deep market liquidity and serves as a natural bridge for trading between Asia and North America [6] - New York plays a crucial role as the global clearing center for USD transactions, which is essential for the global financial system [8] - Singapore benefits from its strategic location and efficient regulatory environment, serving the vast Asia-Pacific market [8] Unique Position of Hong Kong - Hong Kong's unique advantage lies in its role as the largest offshore RMB business hub, which enhances its competitive edge in the global financial landscape [3][12] - The city has transformed from a traditional forex market into a vital liquidity pool and risk management center for RMB, differentiating itself from other major forex trading centers [3][12] - Hong Kong's integration into the national financial opening strategy ensures its irreplaceable position in the global financial framework [5]

Core Insights - The International Bank for Settlements has released a survey indicating that Hong Kong remains the fourth largest foreign exchange center globally and the largest offshore renminbi business hub [1] Foreign Exchange Market - The average daily trading volume of foreign exchange in Hong Kong increased by 27.2%, rising from $694.4 billion in April 2022 to $883.1 billion in April 2025 [1] - Foreign exchange swap contracts are the most actively traded instruments, accounting for 64% of the average daily trading volume, which amounts to $563.7 billion [1] Offshore Renminbi Market - Hong Kong maintains its position as the largest offshore renminbi foreign exchange and over-the-counter interest rate derivatives center [1] - The average daily trading volume of renminbi foreign exchange transactions surged by 64.8%, increasing from $191.2 billion in April 2022 to $315.1 billion in April 2025 [1] - The average daily trading volume of renminbi over-the-counter interest rate derivatives also rose by 67.1%, from $14.7 billion in April 2022 to $24.5 billion in April 2025 [1] Over-the-Counter Interest Rate Derivatives - The average daily trading volume of over-the-counter interest rate derivatives in Hong Kong reached $84.1 billion in April 2025 [1] - The most actively traded over-the-counter interest rate derivatives in the Hong Kong market are denominated in US dollars, renminbi, and Australian dollars [1]

Core Insights - The International Bank for Settlements reported that Hong Kong remains the fourth largest foreign exchange center globally and the largest offshore RMB business hub as of September 30, 2023 [1] Foreign Exchange Market - Hong Kong's average daily foreign exchange trading volume increased by 27.2% from $694.4 billion in April 2022 to $883.1 billion in April 2025 [1] - The growth in foreign exchange trading was primarily driven by increases in foreign exchange swaps (+33.0% or $139.8 billion), spot transactions (+28.7% or $38.5 billion), and OTC options (+165.4% or $31.4 billion) [1] - Foreign exchange swaps are the most actively traded instruments, accounting for 64% ($563.7 billion) of the average daily trading volume [1] Offshore RMB Market - Hong Kong maintains its position as the largest offshore RMB foreign exchange and OTC interest rate derivatives center [1] - The average daily trading volume of RMB foreign exchange increased by 64.8% from $191.2 billion in April 2022 to $315.1 billion in April 2025 [1] - The average daily trading volume of RMB OTC interest rate derivatives also rose by 67.1% from $14.7 billion in April 2022 to $24.5 billion in April 2025 [1] OTC Interest Rate Derivatives - As of April 2025, the average daily trading volume of OTC interest rate derivatives in Hong Kong reached $84.1 billion, with USD, RMB, and AUD being the most actively traded currencies in this market [1]

【纠错】 【责任编辑:焦鹏】 新华社国内部出品 记者：张文 【简介】国家外汇管理局副局长、新闻发言人李斌7月22日在国务院新闻办新闻发布会上说，上半 年，境内人民币外汇市场交易量总计达到21万亿美元。 ...