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%.
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