Archived - Minister of Finance Launches North America's First Renminbi Trading Hub

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.

Melissa Lantsman
Director of Communications
Office of the Minister of Finance

Stéphanie Rubec
Media Relations
Department of Finance

North America's first Renminbi hub means lower transaction costs for Canadian companies doing business in China.

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