23.03.2015 - Canada Hub Aims to Boost Deals in China Currency
Canada’s launch of a trading hub Monday will make it easier for companies in the Western Hemisphere to do business in Chinese currency, part of a larger effort to boost trade with the world’s second-largest economy and give its money an expanded role on the world stage. China’s central bank is backing the new Renminbi Trading Hub for the Americas, which will allow firms in numerous countries to conduct their renminbi transactions through Canadian banks. The system is expected to save companies time and fees while creating new revenue for the Canadian financial institutions that act as hub gatekeepers. Industrial and Commercial Bank of China’s Canadian subsidiary will clear the transactions...............................................Full Article: Source
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