Global currency trading jumps by 20%



By Agency Reporter


Currency graph and dealers trading on the currency markets has grown by 20 per cent in three years to $4tn a day, the British Broadcasting Corporation reported on Wednesday.

A three-year report into currency dealing shows rapid growth in trading, with the majority of business happening in London.

Trade has jumped by 20 per cent in the three years since the last survey was conducted by the Bank for International Settlements, which is sometimes called the ”central bankers‘ bank”.

But London outpaced the average, with turnover up by 25 per cent over the period.

Some $4tn changes hands around the world every day.

The BBC points out that the sum is equivalent to the entire output of the global economy being traded around once a fortnight on currency markets.

The Head, Currency Research, Bank of New York Mellon, Mr. Simon Derrick, said the growth in foreign exchange trading reflected a number of important recent trends in the real economy – including the economic strength of developing countries.


Source: The Punch




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