Summary
THE City of London has retained its pole position in the global foreign exchange market, shrugging off forecasts that its status would be dented by Britain staying out of the European single currency. The Swissbased Bank for International Settlements (BIS) said the value of foreign currency deals increased by 49pc in the three years to April 2004, with some Pounds 416bn traded daily on average in April this year. The UK is the single largest centre for forex trading. The City has 31.3pc of worldwide turnover, ahead of the US with a 19.2pc share.
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News in Brief London Is Tops for Foreign Exchange
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