https://www.bis.org/publ/qtrpdf/r_qt2212x.htm
BIS report for USD Global Trade weightage
The international role of the US dollar (USD) is unrivalled. However, there is at times speculation that its role may be challenged.
The reasons cited include China's growing role in the global economy, developments in technology (eg cryptoassets) or geopolitical considerations.
This box provides an updated view of the international role of the USD, focusing mostly on its role in global financial markets.
The global FX market remains concentrated in a few currencies, with the USD dominating. The average turnover per day with the USD on one side of the transaction was $6.6 trillion – up 14% from $5.8 trillion in 2019 – in line with the change in total turnover.
The USD was involved in nearly 90% of global FX transactions, making it the single most traded currency in the FX market (
Graph A1).
The dominance of the USD is evident across all FX instruments and counterparties.
At least 85% of trading in the spot, forward and swap markets features the USD in one leg of the transactions.