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The Canadian Chamber applauds the launch of the first trading hub for China's currency in the Americas. Finance Minister Joe Oliver and China's Ambassador Luo Zhaohui will officially inaugurate the opening of Canada's Renminbi Trading Hub today. This is a win for Canadian business because it lowers the cost of doing business with China and will be a significant boost to trade. We estimate the hub could increase Canada’s exports to China by as much as $32 billion over the next decade, while cutting Canadian importers’ costs by as much as $2.75 billion. Many Chinese companies prefer doing business in renminbi and are willing to offer buyer discounts. Businesses can also save on foreign exchange costs by converting directly from Canadian dollars to renminbi, without the intermediary step of converting into U.S. Dollars.

In November 2014, we issued a report on why Canada needs a renminbi trading hub. Click here to read the full report.

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