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Japan is Asia's Largest FX Centre

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Japan is Asia's Largest FX Centre

by CFO Innovation Asia Staff, 03 September 2010
topics:
Finance and Banking
tags:
foreign exchange global rankings
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Japan has been ranked the largest foreign exchange centre in Asia and the 3rd largest globally, according to a Bank of International Settlements’ report.

 

Britain is still the world’s largest foreign exchange centre with 36.7% of the total trade. The U.S. was second with 18% and then Japan with 6%. Singapore has been ranked the second largest in Asia after Tokyo and the fourth largest globally.

 

The BIS reports notes that daily global foreign exchange market turnover grew 20% to some four trillion dollars by April 2010 from 3.3 trillion three years earlier. The dollar accounted for 84.9% of all trades in April, down from 90% in 2001, while the euro rose two percentage points to 39% and the yen was also up two percentage points to 19%.

 

Foreign exchange market activity became more global, with cross-border transactions representing 65% of trading activity in April 2010, while local transactions account for 35%.

 

MORE STORIES ON FOREIGN EXCHANGE

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CFO Innovation Asia Staff
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