A Paradigm Shift Towards a Green and Sustainable Finance Center

Structural Changes in Hong Kong’s Market 26 In the financial sector, Singapore has surpassed Hong Kong at least in the market of foreign exchange (FX). From 2018 to 2020, the total FX turnover in Singapore was below Hong Kong (Figure 19). This situation changed in April 2021. Ever since then, the gap between them was getting increasingly large, compared to the time when Hong Kong was leading. In the same period from 2018 to 2020, their totals of FX and derivatives turnovers were too close to call. In April 2021, Singapore exceeded Hong Kong. Figure 19: Turnovers of FX and Derivatives (Source: Based on data from Hong Kong Treasury Markets Association and Singapore Foreign Exchange Market Committee) 1,000 900 800 700 600 500 400 300 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Oct 2018 Oct 2019 Oct 2020 Oct 2021 Oct 2022 Oct 2023 US$ billion Total of FX and derivatives turnover in SG Total FX turnover in SG Total of FX and derivatives turnover in HK Total FX turnover in HK