Canada to open first renminbi trading hub in the Americas

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Ontario is launching the Americas’ first trading hub for the Chinese currency renminbi (RMB), which will enable businesses across Canada to convert Canadian dollars directly into Chinese currency.

The new hub is meant to reduce costs for businesses and boost trade with China, according to Ontario’s Ministry of Economic Development, Employment and Infrastructure.

The hub will lower overall business costs for Canadian businesses by removing the need for an intermediate conversion to US dollars, while supporting increased trade between Canada and China, it said.

“The Ontario government is proud to have played an important role in establishing the new RMB trading hub in Canada,” said Charles Sousa, minister of Finance.

“The innovative hub will enable Canadian businesses to save money and improve their productivity, stimulating economic growth and job creation in Ontario and across Canada.”

The RMB trading hub reinforces Toronto’s stature as North America’s second-largest financial center, which helps to increase the province’s competitiveness on a global scale, he said.

Toronto is the headquarters of Canada’s financial services industry, while much of Canada-China trade passes through Vancouver due to BC’s close ties to the Asia Pacific market.

It also ranks sixth on Banker magazine’s list of best financial centers in the world.

The Canadian RMB trading hub joins an elite group of trading hubs around the world for the Chinese currency, also known as the yuan, the world’s second-most used currency in global finance.

With this hub, Ontario becomes a gateway for the flow of RMB through the Americas. Operated through existing financial institutions and infrastructure in Canada, the RMB trading hub will allow Canadian banks and other agents to develop RMB financial currency and exchange services across Canada, and elsewhere in the Americas.

Ontario and British Columbia worked collaboratively in a supportive role to assist the federal government in its negotiations with China to establish an RMB trading hub in Canada.

Recently, Ontario Premier Kathleen Wynne led a trade mission to China that attracted $966 million in new investment by Chinese companies for Ontario. These projects will create 1,800 jobs in communities across the province.

So far, London, Frankfurt, Luxembourg, Hong Kong, Singapore, Taiwan and Sydney all host RMB trading hubs.

 

 

Source : China Daily | March 25, 2015

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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