Hong Kong has joined London and New York to become one of the big three international financial centres, according to a report from commercial think tank Z/Yen Group.

While Hong Kong has long been considered a major global financial centre, it is frequently outranked by places such as Singapore, Luxembourg and Paris.

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Mark Yeandle, associate director of Z/Yen Group, said: “The rise in importance of Asian centres continues. London and New York have long been considered the top global financial centres and retain their positions. However, financial services professionals around the globe now see Asia as the main area for growth."

Z/Yen’s study used 33,751 financial centre assessments to reach its conclusions. The rankings contrast with a similar study by fDi Magazine’s sister publication, The Banker, which ranked Hong Kong in sixth position in September 2010.