Doing some research on international currencies, I reviewed FX turnover data from the BIS, through April 2022. Dollar dominated, two months after the expanded Russian invasion of Ukraine.
Figure 1: Share of foreign exchange turnover in April of indicated survey year (out of 2), for USD (inverted blue triangle), EUR (inverted tan triangle), EUR legacy currencies (inverted open tan triangle), GBP (pink square), JPY (green square), CNY (red square), CHF (sky blue x). Source: BIS Triennial Surveys.
What is interesting is the remarkable constancy of the two top currencies, USD and EUR.
It’s kind of hard to see what’s happening with the “upstart” currencies, such as the CNY, so below is a detail with CNY, CHF, and other currencies AUD and CAD (linear interpolation).
Figure 2: Share of foreign exchange turnover in April of indicated survey year (out of 2), for CHF (sky blue), CAD (light green), AUD (chartreuse), and CNY (red). Linear interpolation between survey years. Source: BIS Triennial Surveys, and author’s calculations.
Note these are transactions over the counter for spot, forwards, swaps, etc. These are not invoicing currency shares, nor are they SWIFT transactions shares. For more on trends for international currency shares, see this post, presentation slides, as well as future posts.
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