10.11.2014 - Canada to establish first Chinese currency hub in North America
Canada and China have signed a reciprocal currency deal that’s expected to dramatically boost exports. The hub will foster far easier trade between the Canadian dollar and the Chinese yuan, also known as the renminbi. It makes Canada the first country in the Americas to have a deal to trade in the renminbi. The deal was announced by Prime Minister Stephen Harper and Premier Li Keqiang (KUH-chee-yahng) in Beijing. Authorized by China’s central bank, it will allow direct business between the Canadian dollar and the Chinese yuan, cutting out the middle man – in most cases, the U.S. dollar...............................................Full Article: Source
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