Toronto Reviews Bid to Become Yuan Currency Trading Hub

Some of Canada's largest banks, insurance companies and pension funds met with government representatives and the Bank of Canada in Toronto on June 21 to discuss establishing a yuan trading hub, according to the Toronto Financial Services Alliance, an industry group that set up the meeting. Representatives of Chinese banks also attended the meeting, the group said, declining to name them.

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The moves to set up a trading hub in Canada come as an organization representing Frankfurt's financial industry predicts the European Central Bank is nearing a deal with China that will help the German financial center become a European yuan trading hub.

The Bank of England signed a similar but smaller agreement last month, joining other recent additions like Australia, Turkey, Brazil and South Korea as China pushes for greater use of its currency outside the mainland. To have a trading hub, a country's central bank must have an agreement with China's central bank to swap its currency for yuan.