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Singapore Succeeds Japan as Asia’s Biggest Foreign-Exchange Centre
Singapore’s Central bank has released figures and statistics which show that Singapore has overtaken Japan’s foreign exchange volume. The volume establishes Singapore as Asia’s biggest foreign exchange center.
Khoon Goh, a senior currency strategist at Australia & New Zealand Banking Group Ltd (ANZ) has endorsed Singapore’s achievements and commented on its success due to the increasing importance of Asian currencies, and Singapore’s time zone which suites the emergence.
In accordance to statistics, Singapore’s daily foreign exchange volume increased for 44% to $383 billion in comparison to $266 billion in 2010.
Singapore as a foreign exchange trading market now ranks third globally after the U.K. and U.S. foreign currency markets.
Singapore’s credibility can also be viewed from the selloff of Asian currencies, whereas it withstood the selloff with a drop of only 2.8% from the last three months.