Singapore is the world's third-largest foreign exchange center after the United Kingdom and the United States, while Hong Kong remains the fourth-largest forex center.
In April this year, Singapore’s average daily trading volume was USD 1.485 trillion (MYR 6.26 trillion), a significant increase of 60% compared to April 2022.
On the 1st, the Monetary Authority of Singapore issued a statement noting that Singapore's share of the global forex market rose from 9.5% in April 2022 to 11.8% as of April 2025. These figures were released on September 30 by the Bank for International Settlements as part of a central bank survey conducted every three years. The survey covers the state of global foreign exchange and over-the-counter derivatives markets.
According to previous media reports, Singapore overtook Japan in 2013 to become the world's third-largest forex center.
The growth in Singapore's average daily forex trading volume was broadly driven by major currencies. Among them, trading volumes for the US dollar, Japanese yen, and the euro led the way, achieving increases of between 36% and 65% from 2022 to 2025. There were also rises in trading volumes for the renminbi and the Australian dollar.
● Renminbi Global Trading Volume Approaching the British Pound
On the other hand, the Bank for International Settlements stated that the global trading volume of the renminbi has surged to the equivalent of USD 817 billion daily (MYR 3.44 trillion), continuing a ten-year trend of narrowing the gap with the British pound.
According to Bloomberg, the BIS found in its survey that the renminbi currently accounts for 8.5% of global foreign exchange trading, up from 7% in 2022.
As the fifth most traded currency, the renminbi is closing the gap with the fourth-ranked British pound. The pound's share has dropped from 12.9% to 10.2%.
The report notes that China has been working for years to boost the global appeal of the renminbi. Beijing is accelerating capital liberalization efforts to weaken the dominance of the US dollar. Nevertheless, this year, some indicators of renminbi internationalization have given mixed signals. For example, according to data from SWIFT (the Society for Worldwide Interbank Financial Telecommunication), the renminbi's share of global payment currencies fell to 2.9% in August, far below the 4.7% share seen in the same period last year.