Archived - Minister of Finance Launches North America's First Renminbi Trading Hub
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The hub is the latest step in a Canada-China relationship now worth $78 billion in two-way trade
March 23, 2015 – Toronto, Ontario – Department of Finance
Finance Minister Joe Oliver today launched North America’s first renminbi trading hub at an event in Toronto hosted by the Industrial and Commercial Bank of China, designated as the renminbi clearing bank for Canada.
Using the renminbi will be more efficient for Canadian firms doing business in China rather than using a currency, such as the U.S. dollar, of an unrelated country. With a designated clearing bank, it will now be easier for Canadian firms to make or receive payments in renminbi, thereby lowering their costs—creating jobs, growth, and long-term prosperity for Canadians.
- The renminbi ascended into the top five world currencies used in global payments in January 2015.
- Canadian exports to China have more than quadrupled since 2003, with two-way trade totalling $78 billion in 2014.
- The stock of foreign direct investment between Canada and China has increased more than seven-fold between 2005 and 2013, to a total of $21.5 billion.
“Over the past two centuries, Canada and China have been deepening our bilateral cultural and commercial ties. Today, over 400 Canadian firms operate in China, and Canada is immensely enriched by a nearly 1.5-million-strong Chinese-Canadian community—one of the largest overseas Chinese communities in the world. Today’s announcement of the launching of a renminbi hub reinforces the strength of our ties. Through lower transaction costs, it is now easier for Canadian firms to trade with and do business in China. This will mean jobs, growth, and long-term prosperity for Canadians, and a brighter future for both our great countries.”
- Joe Oliver, Minister of Finance
- Increasing Renminbi Trade, Commerce and Investment between Canada and China
- Economic Action Plan 2014
Director of Communications
Office of the Minister of Finance
Department of Finance