BIS TRIENNIAL FX SURVEY: Asia takes a bigger slice of the FX pie
Hong Kong's share of the market was up to 4.4%, at $175 billion, from 4.2% in April 2004, the region benefiting from its ties with China. Simon Derrick, head of currency research at the Bank of New York Mellon in London said the Special Administrative Region has been an increasingly important centre for asset managers over the past three years.
Faster growth, however, was experienced by regional rival Singapore, where the market share of the global FX business was up to 5.8% from 5.2% in the
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