Non-banks lead 20% rise in FX turnover
Preliminary statistics from the Bank for International Settlements' triennial foreign exchange survey released last Wednesday (September 1) revealed average daily turnover grew by 20% to $4 trillion in April this year versus April 2007. The growth rate is down sharply on the 71% rise in average daily turnover in the preceding three-year period.
Analyst say the fall-off is rooted in a drop in cross-border trade, as markets navigate out of the global financial crisis. Statistics show turnover
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