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London currency trading swells by 10% in a year

Currency trading volumes in London have leapt over the past six and 12 months, judging by new data from the Bank of England.

In its latest semi-annual assessment of the market, the central bank said turnover stood at an average of $2.44tn a day in April, 12 per cent up on October, and 10 per cent higher than in the same month last year.

Turnover in sterling against the dollar rose to a record $296bn a day, while trade in the yen against the dollar jumped by 22 per cent to $368bn a day.

London is the world’s biggest currency trading hub, though data from the Bank for International Settlements last year suggested that the city was starting to lose its grip.

The full report is here, and other data can be found here.