China FX Market Turnover Hits 29.42 Trillion Yuan in September

The composition here is the story: derivatives turnover running roughly double spot turnover points to a market where hedging and positioning, not outright conversion, drive activity, while the interbank share dwarfs bank-to-customer flow. That skew matters for anyone tracking how onshore liquidity and pricing are actually formed, since client-driven demand is a small slice of the total. The open question is whether the derivatives-heavy mix persists or shifts back toward spot as client activity changes.