The Bank for International Settlements (BIS) Triennial Central Bank Survey is the definitive benchmark for global foreign exchange market size and structure. The 2025 edition revealed that average daily forex turnover reached a record $9.6 trillion, with the US dollar maintaining its dominant share at 89.2%. This guide unpacks the meaning of these figures, their practical implications for traders and investors, how to evaluate the data, and the risks of misinterpreting the survey's findings.
The Bank for International Settlements (BIS) Triennial Central Bank Survey is the most comprehensive and authoritative source of information on the size and structure of global foreign exchange and over-the-counter (OTC) derivatives markets. Conducted every three years since 1989, the survey collects data from more than 1,100 banks and dealers across 52 jurisdictions, covering spot, forwards, swaps, options, and other OTC FX instruments.
The survey is a collaborative effort involving central banks from around the world, including the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan. The BIS coordinates the exercise and publishes the aggregate results, which are widely used by policymakers, central banks, financial institutions, and market participants to understand the evolving dynamics of the global currency market.
The Federal Reserve Bank of New York, which participates in the survey, has described it as "an essential tool for understanding the FX market's depth and structure." The CFTC and NFA also reference the survey in their investor education materials to contextualize the scale of the retail forex market relative to the global institutional market.
The 2025 BIS Triennial Survey, published in October 2025, reported that average daily turnover in the global OTC foreign exchange market reached $9.6 trillion in April 2025, up 28% from $7.5 trillion in April 2022. This growth was driven by increased trading in FX swaps, which now account for approximately 55% of total turnover.
The US dollar remained the world's dominant currency, being on one side of 89.2% of all trades—virtually unchanged from 89.0% in 2022. This marks a slight uptick after a marginal decline in previous surveys, underscoring the dollar's enduring status as the primary reserve and transactional currency.
Other major currencies saw modest shifts:
The BIS noted that the rise in turnover was broad-based across all instruments and counterparty types, with the most significant increases seen in FX swaps and among "other financial institutions" (including hedge funds, asset managers, and proprietary trading firms).
The BIS Triennial Survey is conducted through a coordinated effort among central banks. The methodology is rigorous and standardized to ensure comparability across jurisdictions and over time.
National central banks collect data from their respective reporting institutions—typically major commercial banks, investment banks, and other financial intermediaries engaged in FX trading. The data is reported for a single reference month (April of the survey year) and covers all transactions conducted during that period.
The survey uses a unified reporting template developed by the BIS, which ensures consistency across countries. Reporting is done on a "net-net" basis for inter-dealer transactions to avoid double counting, and gross for transactions with customers.
As the Federal Reserve Bank of New York has noted, "the BIS survey's methodology has been refined over successive iterations to improve accuracy and reduce reporting burden." The 2025 survey introduced enhanced data collection for emerging market currencies, reflecting their growing role in global trade.
The BIS survey data is not just for academics and central bankers. It has practical applications for a wide range of market participants. Below are the most common use cases.
Traders use the survey to understand the relative liquidity of different currency pairs. A high share indicates deeper liquidity, tighter spreads, and more efficient execution.
The USD share provides insight into the dollar's status as a global reserve currency. A stable or rising share signals continued dollar dominance, which affects global trade and investment flows.
Portfolio managers use the survey to assess currency risk and diversification opportunities. The growing share of the renminbi and Swiss franc may inform decisions to increase exposure to these currencies.
High turnover in a currency pair generally correlates with lower volatility and tighter spreads. Traders can use the turnover data to estimate expected transaction costs and market impact.
The CFTC, which references the BIS survey in its educational materials, notes that "understanding the structure of the global FX market can help retail traders better assess the risks and costs associated with their trading activities."
Interpreting the BIS survey requires a critical eye. While the numbers are authoritative, they must be understood in context. Below is a practical checklist for evaluating the data.
The BIS itself advises that "the survey data should be interpreted with caution, as it represents a point-in-time estimate and is subject to sampling and reporting errors." The Federal Reserve has similarly noted that "while the BIS survey is the most reliable source, it should be used in conjunction with other analytical tools."
The table below compares the currency shares from the 2022 and 2025 BIS surveys, highlighting the shifts in global forex currency composition.
| Currency | Share (2025) | Share (2022) | Change | Trend |
|---|---|---|---|---|
| US Dollar (USD) | 89.2% | 89.0% | +0.2 pp | ↗️ Stable / slight increase |
| Euro (EUR) | 28.9% | 29.4% | −0.5 pp | ↘️ Decline |
| Japanese Yen (JPY) | 16.0% | 16.9% | −0.9 pp | ↘️ Decline |
| British Pound (GBP) | 12.8% | 13.4% | −0.6 pp | ↘️ Decline |
| Chinese Renminbi (CNY) | 6.7% | 5.7% | +1.0 pp | ↗️ Significant increase |
| Swiss Franc (CHF) | 6.2% | 5.1% | +1.1 pp | ↗️ Significant increase |
| Australian Dollar (AUD) | 4.6% | 4.6% | 0.0 pp | ➡️ Stable |
| Canadian Dollar (CAD) | 4.4% | 4.2% | +0.2 pp | ↗️ Slight increase |
The data shows that while the USD remains dominant, the renminbi and Swiss franc are gaining ground, reflecting their increased use in trade, investment, and as reserve assets. The euro, yen, and pound have all seen modest declines in share.
According to the BIS, "the rise of the renminbi is consistent with China's growing role in global trade and finance, while the Swiss franc's increase reflects its safe-haven status amid geopolitical uncertainty."
The BIS survey is a valuable tool, but it is not a real-time market indicator. It reflects conditions from a specific month (April 2025) and cannot capture the dynamic, ever-changing nature of the FX market. Traders and investors who rely solely on the survey for their strategic decisions may overlook more current developments.
The CFTC has noted that "retail traders often place too much weight on aggregate data without understanding its limitations." Always combine the survey with current market analysis, economic indicators, and real-time price data.
The Federal Reserve Bank of New York has emphasized that "the FX market is dynamic and multifaceted, and no single survey can capture all of its dimensions." Traders should use the BIS survey as one input among many in their decision-making process.
Disclaimer: This guide is for educational purposes only and does not constitute financial, legal, or tax advice. Always verify current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider before making any decisions.
The BIS Triennial Central Bank Survey is the most comprehensive survey of global foreign exchange and over-the-counter derivatives markets. Conducted every three years by the Bank for International Settlements, it provides authoritative data on market size, structure, and currency composition, covering over 1,100 banks and dealers across 52 jurisdictions.
The USD share of global forex turnover in April 2025 was 89.2%, virtually unchanged from 89.0% in 2022. This continues the dollar's long-standing dominance as the world's primary reserve and trading currency.
The BIS 2025 survey reported that average daily turnover in the global OTC foreign exchange market reached $9.6 trillion in April 2025, up 28% from $7.5 trillion in 2022.
The euro's share fell to 28.9% (from 29.4% in 2022), the yen to 16.0% (from 16.9%), and sterling to 12.8% (from 13.4%). The Chinese renminbi increased to 6.7% (from 5.7%), and the Swiss franc rose to 6.2% (from 5.1%).
The BIS survey collects data from central banks, which in turn gather information from commercial banks and other financial institutions in their respective countries. The survey covers spot, forward, swaps, options, and other OTC FX derivatives.
The USD share indicates the dollar's role as the anchor currency for global trade and finance. A high share means that most forex transactions involve the dollar, which can affect liquidity, spreads, and volatility in USD pairs. It also signals the dollar's continued status as the primary reserve currency.
While the BIS survey does not predict exchange rates, it provides a structural picture of the market. Traders can use the data to assess liquidity conditions, identify trends in currency usage, and understand the depth of the market for specific pairs—all of which can inform trading decisions.
The full results, including detailed tables and methodology, are available on the official BIS website at bis.org. The survey is published with a detailed statistical annex and explanatory notes.