UNDERLYING TRANSACTION BANKS’ drive for Asian business is the resilience of much of the region – certainly China and India, which power the region’s economies – to the financial crisis. “Volume for trade-related traffic bottomed out in March 2009 and by the end of 2009 it was only 1% down on what had been record volume in 2008,” notes Ian Johnston, chief executive of financial messaging cooperative Swift Asia-Pacific. “In 2010, we are expecting 14% growth, with trade and payments a major driver of that growth.
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