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Nikkei Markets

Singapore remains top Asian hub for FX, narrowly edging H.K.

New pricing engines at Citi, JP Morgan may help Singapore pull ahead in coming years

SINGAPORE (Nikkei Markets) -- Singapore retained the top spot in Asian foreign exchange trading, but its lead was narrowed to a whisker as volumes in rival financial center Hong Kong jumped 45% over the past three years.

The latest Bank for International Settlements survey showed FX trading in Hong Kong averaged $632 billion a day during April this year, up from $517 billion in 2016 when the previous survey was conducted as trades involving the Hong Kong dollar soared. In contrast, Singapore saw daily FX trading values rise by a smaller 22% to $633 billion over the same period.

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