Singapore has climbed into the top five global financial hubs after steadily attracting foreign bank assets and direct investment, Bloomberg reported Thursday, citing findings from London-based New Financial.

The city-state rose from ninth place in 2015, overtaking China and Luxembourg, according to the report, which cited researchers who measured international activity such as assets under management, foreign bank holdings, and private and public fundraising.

The US, UK and Hong Kong retained the top three positions.

Bloomberg said the rankings, which focused on cross-border rather than domestic finance activity, also identified India, Ireland and Canada as fast-growing international hubs over the past decade.