Wall Street Journal reported, according to the United States, Britain, Australia and Singapore’s central bank data released on February 6, the average daily turnover of these four markets in October 2011 totaled $ 3.47 trillion, the global foreign exchange turnover The amount appears to the first decline since the financial crisis.
these four markets, foreign exchange trading account for the bulk of global foreign exchange trading, the Wall Street Journal pointed out in the semi-annual survey conducted since April 2009, this is the data for the first time Turnover decreased. The major decline in foreign exchange swaps, according to statistics, last year, from April to October, the four market swaps turnover decreased by 8%, to $ 1.368 trillion a day, including the United Kingdom and Australia, the largest decline. In contrast, the turnover of spot transactions increased by more than 9%. Analysis, said that due to sovereign debt crises pose a threat to parts of Europe the solvency of major financial institutions, the 2011 autumn banks are reluctant to make loans. Swap products because of the scarce and more expensive, the period from July to November last year, lending the euro a fivefold increase in borrowing cost of $.
Zhao Qingming, senior researcher of the
China Construction Bank, the Economic Information Daily reporter said the background of the decline in global foreign exchange turnover in the global economy overall slowdown. Uncertain prospects for economic recovery, the bank’s own risk in raising the risk premium of the inter-bank transactions have become more sophisticated, these have limited the increase in transaction size, the decline in the amount of foreign exchange transactions reasonable. In addition, after the outbreak of the financial crisis, financial regulatory authorities in various countries are different degrees to strengthen supervision of financial derivatives, which also contributed to the decline of global foreign exchange turnover factor.
However, Zhao Qingming, also said that in fact, from the big trends of the past decade, the global foreign exchange transactions, the level of activity has been on the rise, the volume of transactions is also on the rise, this stage fluctuations can not be changed this overall trend.
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