<h1>US dollar stays dominant as daily global FX turnover nears $9.6 trillion, raising systemic and tax coordination issues</h1> Global foreign exchange turnover reached about USD 9.6 trillion daily in April, with the US dollar involved in roughly 89% of transactions, underscoring its continued dominance despite recent US tariffs-driven volatility that boosted hedging and speculation. Most FX activity is financial rather than trade-related, concentrated in four major financial centers, and includes rising use of the Chinese renminbi and persistent central-bank dollar reserve holdings. Legal implications include systemic-risk and market-conduct concerns, cross-border regulatory and tax coordination challenges (e.g., proposals for a Tobin-style transaction tax), and the difficulty of implementing uniform measures without multilateral agreement.