Tradelines News

Get the latest news and updates on cross-border customs and international trade.

Canadian Chamber of Commerce Joins Call for Yuan Trading Hub to Help Increase Exports to China

Posted October 20, 2014

Under Economic Issues, International Trade Issues

(Melissa Leong – Financial Post)

Canada could generate up to $32-billion more in exports over the next 10 years if it creates a yuan trading hub to do business in the world’s fastest growing currency, the Canadian Chamber of Commerce said in a new report.

In advance of Prime Minister Stephen Harper’s trip to Beijing for the APEC summit in November, the Chamber of Commerce joined the call of some of Canada’s largest banks and financial institutions to promote Canada as a centre for renminbi (yuan) trading.

“In a competitive global environment, every advantage counts,” Perrin Beatty, the chamber’s president and CEO, said in a statement. “Now is the time for Canada to take this important step in positioning ourselves and our companies with the world’s fastest growing economy.” Read more here.