Canada becomes first yuan clearance hub in Americas

    Updated: 2014-11-09 07:35

    By ZHAO YINAN/ZHANG YUNBI (China Daily)

      Comments(0) Print Mail Large  Medium  Small  

    Canada becomes first yuan clearance hub in Americas

    Premier Li Keqiang (R) and Canadian Prime Minister Stephen Harper jointly meet the journalists after they hold talks in Beijing, Nov 8, 2014. [Photo/Xinhua]

    China and Canada agreed to a currency swap worth 200 billion yuan (US$32.6 billion), making the country the first yuan clearance hub in the Americas, part of $2 billion in deals signed on Saturday.

    Deals being inked after Premier Li Keqiang's meeting with Canadian Prime Minister Stephen Harper also include aviation and nuclear energy cooperation, better access to China for Canadian agricultural products and the purchase of Bombardier regional jets.

    Under a memorandum of understanding, the countries will help set up the clearing banks, and allow the two banks to swap currencies to ease trade and investment. The yuan clearing bank would be the first in the Americas, and allow Canadian financial institutions to use the clearing bank to process payments for their customers in yuan.

    The currency-swap deal came with another major financial cooperative agreement giving Canadian investors the right to invest up to 50 billion yuan initially in China's capital markets. That will be put under the Renminbi Qualified Foreign Institutional Investor scheme, which will allow financial institutions to use offshore yuan to invest in the mainland's securities markets, including in stocks, bonds and money market instruments.

    The move is in line with Beijing's ambition to promote its currency to more international investors and eventually turn the "red-back" into a global reserve currency, while at the same time expanding China's already considerable political and economic clout.

    C.J. Gavsie, managing director of foreign exchange sales at BMO Capital Markets, said: "This is a fantastic announcement for Canada and China relations, a terrific move for Canadian businesses to be able to compete more abroad, not only direct-to-China investment but ... as more RMB/CNY activity takes place around the world."

    Harper, leading a large business delegation, made a five-day visit to China under strong impetus from Canadian commercial and financial sectors, hoping to repair some minor rifts in the relationship and significantly boost trade between the countries.

    According to a news release from the prime minister's office, his trip will focus on increasing trade and prosperity in addition to strengthening people-to-people ties and deepening bilateral relations to best represent Canadian values and interests.

    That partly explains Harper's unusual schedule, which took him first to Hangzhou, Zhejiang province, where he met Jack Ma, chairman of Alibaba Group, before addressing a business forum and then flying to Beijing on Friday.

    Harper's trip has seen Chinese e-commerce juggernaut Alibaba agree to help sell 200,000 Canadian lobsters next week and China's regional carrier China Express Airlines to purchase 24 Bombardier regional C series jets.

    In addition, China National Nuclear Corporation and Canada's Candu Energy will set up a joint venture on nuclear energy development.

    Jin Canrong, deputy dean at the School of International Studies at Renmin University of China, said that in the past few years the relationship has not been "in the best shape", and although bilateral trade is going well, the political relationship more or less overshadowed the cooperative agenda.

    Currently, Canada has a trade deficit with China of approximately $31 billion.

    "China does not deliberately pursue trade deficits and is willing to import competitive products from Canada," Li said at a news conference after the meeting.

    Reuters contributed to this story.

    Related:

    China, Canada to boost cooperation
    China, Canada ink currency swap deal

    Related Stories

    China, Canada to boost cooperation 2014-11-08 21:19
    China, Canada ink currency swap deal 2014-11-08 20:31
    无码一区二区三区在线观看| 天堂在线最新版资源www中文| 亚洲午夜无码久久久久小说| 中文字幕乱码免费看电影| 蜜桃成人无码区免费视频网站| 无码超乳爆乳中文字幕久久| 人妻丰满熟妇av无码区不卡| 日韩电影免费在线观看中文字幕| 亚洲av无码国产精品色午夜字幕| 中文字幕一区二区三区5566| 亚洲免费日韩无码系列| 国产乱人伦Av在线无码| 亚洲va中文字幕无码久久不卡| 精品久久久久久无码中文野结衣| 佐藤遥希在线播放一二区| 变态SM天堂无码专区| 无码免费一区二区三区免费播放| 久久伊人中文无码| 视频二区中文字幕| 亚洲无av在线中文字幕 | 亚洲乱码中文字幕综合| 国产精品一区二区久久精品无码| 无码人妻精品一区二区三区久久| 精品多人p群无码| 中文字幕精品亚洲无线码一区应用| 中文字幕无码久久久| 免费A级毛片无码鲁大师| 99热门精品一区二区三区无码| 精品一区二区三区无码免费视频| 少妇精品无码一区二区三区| 亚洲AV无码乱码在线观看富二代| 夜夜添无码一区二区三区| 国产亚洲大尺度无码无码专线| 亚洲国产综合精品中文字幕| 国产资源网中文最新版| 大蕉久久伊人中文字幕| 制服中文字幕一区二区| 东京热人妻无码一区二区av| 亚洲AV无码专区在线播放中文| 小SAO货水好多真紧H无码视频| 少妇无码一区二区三区|