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Toronto seeks to become offshore yuan trading center
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FINANCIAL institutions in Toronto are eyeing the city’s potential to become an offshore yuan trading center, driven by a growing Chinese population and strengthening trade between Canada and China.
“We are exploring the feasibility of Toronto becoming a hub for trading of yuan,” said Janet Ecker, president of Toronto Financial Services Alliance, a public-private partnership bringing together the government, financial institutions and academia.
“We see great potential in developing yuan businesses as trade and investment become more frequent among the two countries,” Ecker said yesterday in Toronto.
The city has a standing committee leading the yuan trading center initiative, whose members are Chinese and local financial institutions including the Bank of China (Canada), Industrial and Commercial Bank of China (Canada), HSBC, BMO, and the Bank of Montreal.
A recent report of the committee said that the initiative is feasible though still at a very early stage.
Insufficient publicity about yuan businesses in Canada and the lack of federal government support are the major barriers to the initiative, financial institutions said.
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