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Canadian Export Agency Signs Deal to Promote Yuan Use

Posted March 24, 2015

Under Economic Issues, International Trade Issues

(Reuters)

Canada’s export agency signed a deal with China’s biggest bank on Monday to promote the use of the yuan as a settlement currency in trade-related transactions, as officials in Toronto prepared to launch the first yuan trading hub in the Americas.

Export Development Canada (EDC) signed the memorandum of understanding with the Canadian subsidiary of Industrial and Commercial Bank of China Ltd, the hub’s clearing bank.

The two institutions will be “looking at ways to make the transactional aspect of Canadian and Chinese trade a little less cumbersome,” EDC Senior Vice President Mairead Lavery said in a statement. Click here to read more.