Central Banking

China and Canada sign deal to set up first RMB clearing bank in North America


The People's Bank of China (PBoC) and the Bank of Canada on Saturday struck a suite of deals to increase the use of renminbi between the United States' biggest economic rival and its closest trading partner.

The two central banks signed a memorandum of understanding (MoU) to "support the establishment" of North America's first renminbi clearing bank in Toronto.

"The designation of Canada as an offshore RMB clearing centre will benefit Canadian financial service providers in all financial centres

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