ICBC opens yuan clearing unit in Toronto
Print Edition
ICBC Canada, a yuan clearing bank, has been officially launched in Toronto, becoming the first yuan trading hub in the Western hemisphere.
Canadian Finance Minister Joe Oliver and Chinese ambassador to Canada, Luo Zhaohui, inaugurated the trading hub, also known as ICBK, on Monday.
“Today’s announcement of the launching of a yuan hub reinforces the strength of our ties,” Oliver said at the event.
“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,” said the Canadian finance minister.
The hub is the latest step to boost China-Canada trade now worth C$78 billion (US$62.21 billion). Currently, Canadian companies trading with China have to use an intermediary currency, usually the US dollar, that adds costs and a layer of complexity.
At the ceremony, ICBC Vice President Gu Shu said that the bank would fully utilize Canada’s geographic and multiple time-zone advantages in support of the bank’s 24/7 yuan clearing system.
The ICBK will take over yuan clearing services when transactions in Beijing and Singapore are closed, said Gu.
The ICBK has established two yuan clearing teams respectively in Toronto and Vancouver, between which there is a three-hour time difference, so that the Vancouver center can extend operations for three hours after the Toronto market is closed.
Toronto and Vancouver were both keen to host the trading hub.
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