Offshore markets drive trading of emerging market currencies

Nikhil Patel and Fan Dora Xia

BIS Quarterly Review, 2019

Abstract: FX markets for the currencies of emerging market economies grew more rapidly than those for major currencies between 2016 and 2019, rising from 19% to almost 25% of global turnover. At the same time, these currencies attracted a wider range of participants and saw a rapid increase in offshore trading activity. Offshore markets tended to drive onshore markets during times of global market stress.

JEL-codes: F31 G12 G23 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (17)

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