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Business leaders in British Columbia and Ontario agreed to cooperate in promoting Canada as a currency trading hub for the yuan.
AdvantageBC International Business Centre-Vancouver and the Toronto Financial Services Alliance, a group representing business and financial representatives, said today in a statement they will work together with the governments of Canada and the provinces to make the country the first trading hub for the Chinese currency in North America.
“While Canada’s financial industry is headquartered in Toronto, much of the country’s Canada-China trade passes through Vancouver, making it critical for both jurisdictions to work collaboratively so that Canadian businesses are able to take full advantage of this initiative,” Colin Hansen, AdvantageBC’s chief executive officer, and Janet Ecker, CEO of the Toronto alliance, said today in the statement.
Financial centers around the globe are vying to establish trading hubs for the yuan. China has already signed agreements to trade the yuan more freely with Singapore, London and Frankfurt as part of an economic restructuring that includes taking steps to loosen exchange controls.
AdvantageBC is a non-profit organization promoting international business in British Columbia, according to the statement.