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.

• 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.