Financial institutions in Toronto foresee the city becoming an offshore renminbi trading center in view of its growing Chinese population and strengthening trade between Canada and China, Shanghai Daily reported Friday. “We see great potential in developing the yuan business here as trade and investment increase between the two countries,” Jenet Ecker, president of Toronto Financial Services Alliance, was quoted as saying. The group, which seeks to boost ties among the government, financial institutions and the academe in the city, has formed a standing committee leading the yuan trading center initiative. Its members include Chinese and local financial institutions including Bank of China (Canada), Industrial and Commercial Bank of China (Canada), HSBC, BMO and the Bank of Montreal, the report said.
– Contact HKEJ [email protected]