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Banks should recognise Asia's growing FX stature

The hunt for the cities to take over London's mantle as the top global financial centre could be over in no time

Singapore, in particular, has steadily grown to become the third largest foreign exchange centre after London and New York, accounting for 7.9 per cent of the market share alone.


ON ANY given day recently, more than US$1.3 trillion in currencies would have been traded in the major Asian financial centres of Singapore, Hong Kong and Tokyo - much of it before the traditional FX centre, London, has woken up.

With its central location and time zone,...

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