Global currency trade at $4tn a day
Trade on global currency markets has jumped to $4 trillion a day over the past three years.
Trade in global currency markets has increased by 20 percentage points over the past three years to a daily amount of $4 trillion a day, a major survey has shown.
The triennial report by the Bank for International Settlements (BIS) showed rapid growth in trading by hedge funds, insurance firms, central banks and other non-bank financial institutions, with the majority of business happening in London.
The BIS survey, in which 53 central banks and monetary authorities took part, showed London remains the single-largest center of foreign exchange dealing, with 37 percent of global turnover taking place in the British capital.
Meanwhile, the share of the US dollar has continued its slow decline witnessed in an April 2001 survey, while the euro and the Japanese yen saw relative growth since the April 2007 survey.
The euro gained two percentage points since the 2007 survey to account for 39 percent of all transactions. The Japanese yen also increased its market share by two percentage points to 19 percent.
The biggest increase was seen by the Turkish lira, which saw its share rise to 0.7 percent from 0.2 percent, followed by the Korean won, which rose to 1.5 percent from 1.2 percent, the BIS said.
MVZ/JG/AKM
