Foreign exchange market
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HK sixth biggest in forex deals

HONGKONG ranks sixth in a survey of global foreign exchange market activity conducted by the Swiss-based Bank for International Settlements, the same ranking shown in a similar survey carried out three years earlier.

The report published yesterday, based on studies carried out in April last year, showed the territory accounted for about seven per cent of an estimated global daily net turnover of US$880 billion.

Net turnover is adjusted for both inter-dealer and cross-border double-counting.

Of the 26 participating foreign exchange centres worldwide, Britain topped the list followed by the United States, Japan, Singapore and Switzerland.

''The pattern of foreign exchange activities in Hongkong, in terms of currency composition, counterparty analysis and types of transaction, is broadly consistent with that of global foreign exchange transactions,'' according to a government spokesman.

Leading members of Hongkong's financial community have urged the Government to actively promote the territory as a centre for foreign exchange trading.