Toronto is poised to be North America's first trading hub for China's yuan currency, allowing for direct exchange and trade operations between the Canadian dollar and yuan. The deal, announced last week, is being predicted to save Canadian companies up to $6.2 billion over the next decade.
"TD analyst Diarra Sourang said in a report that the arrangement will likely mean an increase in Canadian exports to
China, and especially benefit small and medium-sized companies trying to expand into the world's second largest
economy," reports Reuters, adding that a TD report has predicted that financial institutions and the province of British Columbia will likely benefit most from the arrangement.
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Source: Reuters