After Hype, Toronto's Yuan Clearing Hub Sees Slow Trading Start [Bloomberg Business News]
HSBC HOLDINGS (HSEA)
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Source: Bloomberg Business News
Three years after it opened amid much fanfare with the promise of paving the way to more trade between Canada and China, the yuan hub in Toronto has proven to be a bit of a dud. Even as Prime Minister Justin Trudeau makes overtures to launch free trade talks with the world’s second-largest economy, Canadian firms have been slow to warm to the hub, which allows them to settle transactions in the Chinese currency with Chinese business partners. “We expected a higher jump from the start point and it hasn’t happened,” said Min Gao, head of the treasury department at the Canadian unit of Industrial and Commercial Bank of China, which runs the hub’s clearing house. “But it’s still growing, and it’s healthy growth.” The benefits of the hub, the first of its kind in North America when it opened in 2014, are obvious. Settling transactions in the yuan gives Canadian companies broader access to suppliers and customers in China, where many smaller firms only use yuan.
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