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ICBC gets to clear yuan trade in Toronto
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CHINA’S central bank has appointed the Industrial and Commercial Bank of China to clear yuan transactions in Canada’s financial hub of Toronto.
According to a memorandum of understanding between the two central banks, the People’s Bank of China has authorized the Canadian branch of ICBC to clear yuan transactions in Toronto, the PBOC said in a statement on its website yesterday.
The PBOC signed the MOU with the Bank of Canada on Saturday, in which the Canadian central bank would support the yuan clearing bank in Canada.
Also on Saturday, the two central banks signed a currency swap deal worth 200 billion yuan (US$33 billion).
Premier Li Keqiang, in talks with visiting Canadian Prime Minister Stephen Harper on Saturday, urged the setting up of the yuan offshore trading hub.
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