Hong Kong's No 3 ranking in the Global Financial Centres Index has been taken by Singapore, so the SAR is now fourth in a listing of more than 100 leading places.

The spot that Singapore now occupies one rating point ahead of Hong Kong also makes it the leader in the region. Shanghai, Beijing and Shenzhen also feature in the world's top 10.

The list is compiled by Z/Yen, a City of London think tank, and the China Development Institute. They rate 119 centers using 66,121 assessments from 11,038 financial professionals and quantitative data.

Performance in the Asia-Pacific centers was balanced, with half of the centers holding or improving their rankings while half fell.

And continuing travel restrictions in places, including Hong Kong, were seen to have affected their abilities to conduct normal levels of business.

New York remains far and away the most favored financial center, with London remaining second, the rankings revealed yesterday also show.

Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the Russian capital after the invasion of Ukraine.

"London's second position looks secure but needs a significant global change to once again challenge for the top place," said Michael Mainelli, chairman of Z/Yen.

New York, San Francisco and Los Angeles topped GFCI's separate fintech sector ratings, with London fourth and Shanghai fifth.

The ratings for the index improved 4.83 percent from the previous list and regained averages last recorded in March 2020.

The compilers say this points to confidence in the centers themselves even against a background of the Russian invasion of Ukraine, economic and energy instability and inflationary pressures.

Quarantine restrictions have continued to take their tolll on business confidence in Hong Kong.

Singapore edges HK in ranking