Singapore banks' FX volumes surge on strong Asian growth

Singapore

SINGAPORE banks' foreign exchange (FX) volumes are gaining at a blistering pace as global flows pour into the region, attracted by its strong economic fundamentals.

The city's major banks report strong double-digit increases in their FX volumes, especially emerging market currencies, as Singapore, the world's third largest FX hub after London and New York, continues to facilitate global flows. In the October 2018 FX survey the average daily volume for London, New York and Singapore was US$2.6 trillion, US$995 billion and US$508 billion, respectively.