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Participating Forex Countries
Forex trading is trading in liquidity. It is done in pairs where you exchange one currency for another. It is what may be called a free market without any government regulation as such. But there is an important aspect to it which cannot be overlooked. There are participating countries involved in forex trading and you can only trade in those currencies. Suppose you wish to trade in currency ‘X’. But the currency ‘X’ belongs to a country which doesn’t subscribe or doesn’t participate in forex trading, then you cannot trade in it.
G-7
There are three groups of currencies which participate in it. To begin with, the seven leading countries which participate in forex trading are the United States, Japan, Britain, Italy, Canada, France and Germany. They are together called G-7. Thus the most commonly traded currencies are US Dollar, Swiss Franc, Japanese Yen, Australian Dollar, Euro, British Pound and Canadian Dollar. All these are currencies of G7 participating countries.
G-10
When three more countries are added to the G-7 countries then it is called G-10 group of countries. The three newly added countries are Sweden, Netherlands and Belgium. This is the group which is associated with the discussions in the IMF. At time Switzerland also gets involved.
G-20
There was a dramatic turmoil in the financial world in the year 1997 and 1999. The group G-20 was set up in response to this turmoil. It was set up following developments in the financial world to promote, encourage and maintain financial stability. The central bankers and the Finance Ministers of 20 countries came together to form G20. The countries which participated were the United States, the United Kingdom, Mexico, South Africa, Italy, India, China, Australia, Japan, Saudi Arabia, Turkey, Brazil, France, Canada, Germany, Russia , Indonesia, South Korea, Argentina and the European Union. The World Bank and the IMF also participate apart from these 20 countries.
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