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Singapore has overtaken Hong Kong in the latest ranking of the world’s leading international financial centres.
Hong Kong ranked fourth in the 32nd edition of the semi-annual Global Financial Centres Index, produced by the China Development Institute in Shenzhen and the London think tank Z/Yen Partners.
New York was ranked as the top financial centre, followed by London and Singapore. Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the capital after Russia’s invasion of Ukraine in February, GFCI said.
The spokesman of the Hong Kong government said in a statement that Hong Kong saw an increase in the overall rating in the GFCI report, without responding directly to Hong Kong being overtaken by Singapore in the ranking. It wrote that the ranking of Hong Kong in the area of financial sector development leapt by four places as compared with the previous issue.