The role of the renminbi in global FX trading surged, in line with increased efforts to
internationalise the Chinese currency. Renminbi turnover soared from $34 billion to $120 billion. The
renminbi has thus become the ninth most actively traded currency in 2013, with a share of 2.2% in global
FX volumes, mostly driven by a significant expansion of offshore renminbi trading.
Turnover by counterparty
The counterparty segment that contributed the most to growth in global FX turnover between 2010 and
2013 was other financial institutions (Table 4 and Graph 2), thus continuing the trend evident in past
Triennial Surveys. This category includes smaller banks that do not act as dealers in the FX market (and
therefore do not report in the Triennial Survey), institutional investors, hedge funds and proprietary
trading firms as well as official sector financial institutions, among others. In the 2010 survey, other
financial institutions had for the first time surpassed other reporting dealers (ie trading in the inter-dealer
market) as the main counterparty category in the Triennial Survey. Transactions of FX dealers with this
group of customers grew by 48% to $2.8 trillion in 2013, up from $1.9 trillion in 2010. Trading activity