A plan is afoot to turn Canada?s largest city into the next yuan trading centre.
According to Chinese media reports, authorities from the Department of Finance, the Bank of Canada and several big Canadian banks recently met with representatives of? major Chinese banks to discuss ways to promote Toronto as the first North American hub for offshore yuan trading.
A story in Shanghai Daily says the gathering, held on Friday, included Canada?s big five banks, HSBC, Industrial Commercial Bank of China and Bank of China.
As it stands, the major centres outside Mainland China where the currency is traded include Hong Kong, Singapore, London and Taiwan, with Hong Kong holding the biggest market share.
With its large and growing Chinese community, Toronto has long had close business ties to the world?s most populous country, so such a move would likely strengthen that relationship.
Source: http://business.financialpost.com/2013/06/26/toronto-to-become-a-yuan-trading-hub/
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