Singapore Surges to Third Place in Global FX Trading
Singapore's status as a global foreign exchange hub has strengthened, with trading volumes surging to US$1.485 trillion daily in April 2025, as reported by Yahoo Finance. This marks an 11.8 percent increase in its global share, now standing at third place after the UK and US. The Monetary Authority of Singapore (MAS) reported a significant rise in trading activity, drawing data from 82 financial institutions. Over-the-counter interest rate derivatives witnessed a 33 percent jump to US$208 billion daily. Spot, forward, and swap trades, which account for 90 percent of turnover, saw a growth of 42 to 61 percent. The US dollar, Japanese yen, and euro all experienced trading volume increases of 36 to 65 percent, as per Yahoo Finance data. Lim Cheng Khai, Executive Director of MAS' Financial Markets Development Department, attributed this growth to Singapore's role as a price discovery hub and the deeper liquidity in the Asian time-zone. Singapore's strong performance reinforces its position as a gateway for global investors into Asia's economies and financial markets, as highlighted by Yahoo Finance. Despite the unidentified leading financial institution in the BIS Triennial Central Bank Survey, Singapore's trading volumes and market share continue to climb, reflecting its robust financial landscape.
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