Singapore outperformed Japan in the list of the largest foreign currency markets in East Asia, as Bloomberg reported. For the last three years, a trading volume on the local exchange has swollen from $266 billion to $383 billion per day, or 44%.
In the worldwide scale, Singapore’s trading floor gives way only to the UK and the USA. Experts owe the explosive growth of the local Forex market to advancing value of the Asian currencies; thereby Singapore is rather favorable for the currency trade from the standpoint of a time zone.
On the whole, the global currency trade sprouted by 33% hence reaching $5.3 trillion per day by April 2013 compared to the same period in 2010. In the meantime, the trading activity involving some currencies, for example Japanese yen, declined considerably.
Great Britain accounts for 41% of the world financial market, the USA accounts for 19%. Three massive exchange floors in Singapore, Hon Kong, and Tokyo provide together nearly 15% of the global trade.
The top ten rating of the most actively traded world currencies includes the Chinese Yuan that has not been freely convertible so far. Three years ago, it took just the 17th rank in terms of a trading volume. Currently, the Singapore dollar is now ranked fifteen.
