ASEAN KEY DESTINATIONS
Singapore Reinforces Position as the Largest FX Centre in the Asia-Pacific and Third Largest Globally
Singapore, 1 September 2016... The Monetary Authority of Singapore (MAS) announced today that Singapore remains the largest foreign exchange (FX) centre in the Asia-Pacific region and third largest globally after London and New York, according
to the 2016 Triennial Central Bank Survey1 of the global FX and over-the-counter (OTC) derivatives markets by the Bank for International Settlements (BIS).
2 The average daily trading volume of Singapore’s FX market was US$517 billion in April 2016, up 35% from US$383 billion in April 2013. Singapore’s share of global
FX volumes has grown to 7.9% in 2016, from 5.7% three years ago.
3 The expansion in Singapore’s FX market was chiefly driven by growth in G10 and Asian currencies such as CNY2
(78%), JPY (67%), GBP (60%) and KRW (55%).
Foreign exchange swaps made up the largest traded foreign exchange product class in Singapore and accounted for 48% of all trades, followed by spot (24%) and FX
4 Interest rate derivatives market also registered strong growth, with average daily volumes surging 57% to US$58 billion in April 2016, compared to US$37 billion
in April 2013, the second highest in Asia. The most actively traded instruments were AUD (25%), SGD (18%) and JPY (13%) interest rate derivatives.
5 Ms Jacqueline Loh, Deputy Managing Director of MAS, said, "Singapore is the preeminent marketplace in Asia for global and regional banks, non-bank financial
institutions and corporate treasurers to manage their FX risks. MAS is working with the industry to build further on this lead. We are looking to further enhance price
discovery, liquidity and transparency in our FX market by strengthening electronic trading capabilities and anchoring market infrastructure.”
6 The BIS has published the preliminary global results today (see the BIS website at http://www.bis.org/publ/rpfx16.htm?m=6%7C35), with a detailed analysis to follow
in December 2016. Central banks of many other countries are also publishing their own survey results; links to their websites can be found on the BIS’ website.
7 Details of Singapore’s BIS Triennial Central Bank Survey can be found in the annex tables.
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Indonesia to launch 13th economic package this month
Coordinating Economic Minister Darmin Nasution said on Wednesday that the government would release its 13th economic policy package in August, adding that the draft had been completed.
Darmin said the 13th package was largely an extension of the previous one, but would expand its focus beyond industry. The 12th package focused on small and medium enterprises.
"We are just waiting to schedule a meeting with the president," Darmin told reporters at his office. He refused to give the exact date the new policy package would come into effect.
The ministry team must meet with President Joko "Jokowi" Widodo one more time to finalize the details, Darmin said.