The Renminbi (RMB) has become the 7th most used global payment currency and is the 2nd most used currency for cross border payments with China and Hong Kong. China overtook the U.S. in 2013 to become the world’s largest trading nation, with its trade in goods surpassing US$ 4 trillion.
Today, more than one third of financial institutions around the world are now using the RMB for payments to China and Hong Kong.
The first RMB trading hub for the Americas was launched in Toronto on March 24, 2015. How does the RMB hub work? What are the advantages? What does it mean to your business?
For answer to these questions, on June 26, 2015, the Toronto Financial Services Alliance (TFSA), Export Development Canada (EDC), the Industrial and Commercial Bank of China Canada (ICBC) will host a seminar on: Renminbi Trading hub and its implications for bilateral trade between Ontario and China.