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Canada Joins Global Financial Powerhouses with Gain of Yuan Trading Hub
By John Shmuel, Financial Post Nov 11, 2014
An agreement to make Canada a trading hub for the renminbi shows China’s quest to make the currency a global reserve continues at full speed.
The two countries agreed Saturday to establish Canada as the latest settlement hub for China’s currency, with the terms being roughly similar to what other cities such as London and Singapore have agreed to in recent years.
Those bilateral trade agreements have rapidly increased global ownership of the renminbi, with a number of countries now having renminbi, or yuan, clearing banks and investment quotas. Central banks are taking note, with Australia announcing earlier this year it will hold 5% of its reserves in Chinese bonds.
Some economists say the growing acceptance of the renminbi means it could become a global reserve currency alongside the U.S. dollar within the next decade.
“While the renminbi’s share was a modest 2.2% of total foreign exchange turnover in 2013, that figure has risen from near-zero in less than a decade,” said Benjamin Reitzes, senior economist at BMO Capital Markets. “Renminbi trading is a growing business.”
Read Full Article on Financial Post »