Vibrant Asian Dollar Market
The ADM, an offshore banking sector whose transactions are primarily USD denominated, grew strongly in 2004 as the global economic recovery gained traction but declined slightly in early 2005 in tandem with slower global growth (See Charts 5 and 6). Total assets in the ADM reached a record high of US$582 billion in December 2004, up 13.5% for the year, before falling slightly in early 2005. The inter-bank and non-bank segments turned in growth rates of 2.6% and 8.3% for the April 2004 to March 2005 period respectively, so the growth was driven largely by the non-bank segment.