After analyzing the trends and figures, we have observed that foreign-exchange trading volume increased by 29% between 2011 and 2021 in Hong Kong Notebook. On the other hand, local investors are waiting to see the market trends to move forward to large-scale currency trade. We can see in figures that the central bank and Hong Kong Monetary Authority increase their foreign-to-local trading volume.
The collective initiative of both countries helped the forex trade in China and Hong Kong. Trade heads put more pressure on the market to get enough reserve in the forex trade.
If Singapore gives substantial help to the forex business, President Halimah Yacob expects to see $42 billion in the market every day.
The new forex investment monetary division on Tuesday in Hong Kong has announced that it would move forward with a more conservative, high geared pump-up strategy but has not decided to be more militant, a report said. The board members who like to see it used more of the local forex trading sector as a consistent power rather than a big-tipper.
Recently, the BIS has announced that Hong Kong is sixth in the world in currency trade. In a previous report, Hong Kong had not yet leaped ahead of the Asian financial centers in the global financial hub stakes.
Still, Singapore’s move from fifth to fourth has given rise to an age-old competition between the Asian financial centers. China’s $36 billion bilateral trade gap with the U.S. indicates it’s a significant foreign currency competitor.
This year’s increase in Hong Kong’s money supply is to blame for the currency’s resilience. In Hong Kong, there have been many extensive IPO’s like Netease.com, which raised 21.09 billion HKD and 3.0 billion HKD.
CBDC Bridge in Hong Kong
This year, the BIS is teaming with the Central Banks of China, Hong Kong, and the United Arab Emirates is preparing for the first tests of digital currency banking enforcement in Asia.
The BIS Hong Kong innovation center, which worked along with the People’s Bank of China’s Digital Currency Institute, will now conduct CBDC transfers with the Central Bank of the United Arab Emirates and the Philippines’ Monetary Authority. Look at the similarities between Hong Kong and Thailand, and Korea as they have.
Image credits: freepik.com/standret