Coin World reported:
The demand for foreign exchange on the Shengbao Bank platform continues to decline, with the latest monthly trading volume in June reaching $78.1 billion. The latest data shows a decrease of about 1.9% compared to the previous month, marking the lowest value since Shengbao began publishing trading indicators in 2016.
Specialized foreign exchange cloud solutions, with stable and fast cross-border connections, can meet high-demand scenarios. Alibaba Cloud helps foreign exchange traders operate securely worldwide. Click to learn more!
Shengbao’s foreign exchange demand hits new low
Despite the lowest monthly foreign exchange trading volume, the average daily trading volume has increased from the previous month, reaching $3.9 billion in June, compared to $3.5 billion in May. Compared to the same period last year, the monthly trading volume decreased by 34.6%, and the average daily trading volume decreased by nearly 2.8%.
Shengbao’s foreign exchange trading volume remained low throughout 2023. The trading volume in January this year dropped from $134.8 billion the previous month to $106.7 billion, and this trend continues. Although there was a recovery in April, it was not sustained for several months.
Stocks see slight increase
In addition to foreign exchange, stock trading volume, which currently brings the highest trading volume to Shengbao, has slightly increased. In June, the stock trading volume reached $242.4 billion, compared to $241.5 billion the previous month. The daily average revenue also increased from $10.5 billion to $12.1 billion.
Shengbao Bank also offers trading of commodities and fixed income instruments, although the demand for these instruments is much lower compared to foreign exchange and stocks. In June, the trading volume for commodities and fixed income both decreased: the commodity trading volume decreased by 26.2% to $41.9 billion, and the fixed income trading volume decreased by 10.6% to $9.2 billion.
After all the ups and downs, Shengbao’s overall monthly trading volume in June was $371.6 billion, lower than the $388.1 billion the previous month. This figure represents a 5.1% year-on-year decrease.
Meanwhile, Shengbao Bank is reviewing strategic opportunities for its operations in Australia, Japan, and Hong Kong, with the goal of accelerating the growth of Danske Bank in the Asia-Pacific region through potential partnerships.
