China: Buzz launches China foreign exchange site
Publication: Euclid Infotech - IT News
Date: June 25, 2008
Buzz Technologies has announced the launch of its Chinese language foreign exchange trading platform 12buzz.com/cnfx in conjunction with Easy Forex, a foreign exchange trading company. The launch is part of the Smart Investment Expo in Hong Kong. Trading in Asian currencies has grown substantially in recent years, rising in value to 249 billion dollars a day in 2007. Turnover in 10 Asian currencies, excluding the yen, jumped 130 per cent between 2004 and 2007, with the Hong Kong dollar accounting for 40 per cent of daily operations. Trading in the Chinese currency rose more than sevenfold from two billion dollars in 2004 to 15 billion dollars in 2007. However, in general, foreign exchange trading globally is 30 times the value of trade in goods and services, but trading Asian currencies is far below this ratio except in the case of the Hong Kong currency which exceeds it. The availability of local language trading platforms like Buzz FX is expected to see Asia catch up with the rest of the world in the next five years.