Singapore overtakes Hong Kong as world's no. 3 financial centre

[HONG KONG] Singapore edged past Hong Kong as the world's No. 3 financial center, according to a survey by London-based research firm Z/Yen Group.

Singapore ranks behind London and New York, and two points ahead of Hong Kong on the Global Financial Centres Index, published April 6 on the firm's website. The index is based on surveys of 2,520 financial-services professionals, according to the press release.

The ranking reflects key competitive areas including business environment, financial sector development and infrastructure of the 86 financial centers around the world covered by the survey.

Tokyo ranks fifth and Zurich sixth in the results. Z/Yen Group first published the survey in March 2007, according to its website.

BLOOMBERG