Canada as a RMB hub

With Canada as the first RMB hub in the western hemisphere, companies based in North and South America can centralize payment activity in their own time zone further minimizing any exchange rate risk.

Canada has many advantages as a Renminbi hub:

  • First RMB trading centre in the Americas
  • Currency swap-line agreement between Central Banks of Canada and China
  • Designation of Industrial and Commercial Bank of China (Canada) as the clearing bank in Canada (the first in the Americas)
  • RQFII investor quota of 50 billion RMB that allows access to Chinese capital markets
  • North American time zones that sit between Europe and China
  • Well-developed financial infrastructure
  • Capital markets and risk management expertise
  • Strong and growing economic relationship between Canada and China
  • Large and growing Chinese population in Canada

China is Canada’s second largest trading partner

1.5 million Canadians with Chinese ethnic origin (growing to 3 million by 2031)

4X Canadian exports to China have more than quadrupled since 2003

Leveraging Toronto’s Strengths

Toronto is a major global financial centre that is:

  • The second largest financial centre in North America by employment
  • the hub of Canada’s banking system, which is ranked the soundest in the world by the World Economic Forum
  • home to some of the largest insurance and pension funds in the world
  • home to TMX – the mining finance capital of the world
  • competitive with low business costs, a skilled workforce and high quality of life

NEWS & EVENTS

May 15, 2017
Fintech Symposium: Redefining Global Financial Centres in a Fintech Era

May 1, 2017
Cardware 2017

Apr 19, 2017
10,000 New Student Opportunities by End of 2020: Toronto Financial Services Alliance Launches Ambitious Pilot to Help Young Canadians Jump-Start Their Careers

Mar 9, 2017
RECAP: Finance Cybersecurity Partnering Forum

Feb 24, 2017
TFSA Welcomes New Member: DBRS

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