Central Banking

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

canada

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

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: