China’s FX Market Turnover Hits 26.28 Trillion Yuan in August

The composition matters more than the headline figure: derivatives turnover running well above spot shows China's FX market is now primarily a hedging and positioning venue rather than a spot-conversion one, with the interbank segment dominating bank-to-customer activity. That skew, sustained through the year-to-date total, points to institutional risk management rather than retail or trade-driven flows setting the tone. Whether the derivatives-to-spot ratio holds as the year progresses is the open question for anyone tracking how China's currency risk is being priced and distributed.