Paul Golden writes about Singapore’s dominance in Asia, buoyed by a supportive regulator, modern infrastructure, and increased interest from market makers. JV agrees, but also points to the projected growth of Shanghai – which could take Singapore’s crown as the RMB becomes more internationalised.
– R5’s Vollemaere cautions that the country faces notable competition from Shanghai during the next five years as the RMB market continues to open up and draw more FX business into China’s financial hub.
– “When we set up R5-SHCH Connect, we saw – and continue to see – at first hand the appetite for western banks to trade with banks in China, as even a regional Chinese bank may have 10 million customers,” he says.
– “This demonstrates how attractive Shanghai is as a trading centre, something that will only increase in the future.”
To read the complete article – https://www.euromoney.com/article/b19tlj61yh5wgx/singapore-fx-market-riding-high-on-world-events