In the first half of the year, China’s onshore Renminbi foreign exchange market recorded total transactions of 22.1万亿美元, marking a 5.1% increase compared to the previous year, according to data released by the State Administration of Foreign Exchange in its 2026 Half-Year China Balance of Payments Report, Xinhua News Agency reported.
Onshore Renminbi Transactions Increase by 5.1 Percent
- Onshore Renminbi foreign exchange transactions reached 22.1万亿美元 through the first half of the year, representing a 5.1% year-over-year increase.
- Derivative products accounted for 62.4% of total market activity, totaling 13.8万亿美元 alongside 8.3万亿美元 in spot transactions.
- Institutional participation in the interbank foreign exchange market expanded to 829 entities by the end of June, including 172 overseas institutions.
Transaction Volumes Across Market Segments
The state foreign exchange regulator’s report details how activity was distributed between institutional counterparties and trading types during the opening six months of the year. Bank-to-client transactions reached 3.9万亿美元, while interbank market transactions accounted for the lion’s share at 18.2万亿美元. The breakdown between spot and derivative products shows that derivatives continue to dominate turnover. Derivative product transactions stood at 13.8万亿美元, representing 62.4% of the market’s total volume. Spot transactions contributed the remaining 8.3万亿美元.
| Market Segment | Transaction Volume (USD) | Share / Notes |
|---|---|---|
| Total Onshore FX Volume | 22.1万亿美元 | Up 5.1% year-over-year |
| Bank-to-Client Market | 3.9万亿美元 | Direct corporate and retail tier |
| Interbank Market | 18.2万亿美元 | Intermediary and institutional tier |
| Spot Transactions | 8.3万亿美元 | Immediate settlement |
| Derivative Products | 13.8万亿美元 | 62.4% of total market volume |
Expanding Institutional Participation
The participant base within the foreign exchange architecture maintained a diversified structure through the midpoint of the year. Official figures indicate that the number of participating institutions in the interbank foreign exchange market reached 829 by the end of June.
