Toronto eyed as offshore yuan hub
Print Edition
Financial institutions in Toronto foresee the city becoming 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 government, financial institutions and academia.
“We see great potential in developing the yuan business here as trade and investment increase between the two countries,” Ecker said in Toronto.
The TFSA has a standing committee leading the yuan trading center initiative, whose members are Chinese and local financial institutions including the Bank of China (Canada), the Industrial and Commercial Bank of China (Canada), HSBC, BMO and the Bank of Montreal.
“Canadian companies trading with China can settle in yuan to save costs, and the ones investing in China are also seeking to minimize exchange rate risks by using the yuan,” Leon Jiao, BOC Canada’s executive vice president of corporate banking, said yesterday.
“We also see some Canadian provinces and many companies with strong trade and investment links with China all interested in issuing yuan-denominated bonds.”
The provincial government of British Columbia last year became the first foreign government to issue 2.5 billion yuan (US$413 million) of offshore yuan-denominated bonds in Hong Kong.
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