Singapore sees record FX volumes
CONFERENCE NEWS
The survey of the Lion City’s treasury activities, found that average daily forex trading volumes were up 30% last year from 2003, reaching a record US$154.9 billion. Treasury revenues grew in line with increased forex trading, reaching a high of S$5.4 billion.
The monetary authority said forex continued to be a key growth area in Singapore’s treasury market in 2004.
Rudi Kuan, global head of emerging market FX at StanChart in Singapore, said much of the activity has been driven by hedge funds
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