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Canada boosts status as RMB clearing centre

Canada boosts status as RMB clearing centre

(6 May 2015 – Global) SWIFT’s renminbi (RMB) Tracker showed the currency as the second most active used by Canada for payments with China and Hong Kong.

Canada’s RMB payments value increased by 213 percent between March 2013, when 3.9 percent of direct payments were in RMB and March 2015, when 10.2 percent of all direct payments were in RMB.

This makes Canada number 15 in the world for RMB payments value, excluding China and Hong Kong.

“The appointment of the Industrial and Commercial Bank of China (ICBC) as the clearing bank in Toronto makes Canada the first RMB clearing centre and trading hub in the Americas,” said Chris Church, chief executive, Americas and Global Head of Securities, SWIFT.

“As a long- time supporter of the RMB, Canada has maintained a steady position in the top 20 offshore countries using the RMB for payments.

“Canada’s new status as a clearing centre should help boost its rank among offshore RMB countries as more Canadian-based companies now have the opportunity to trade with China using the RMB.”

Overall, the RMB returns to its position as the fifth most active currency for global payments and accounted for 2.03 percent of payments worldwide.

RMB payments increased in value by 33.5 percent in March 2015 compared to February 2015, while at a global level, all currencies increased in value by 18.9 percent during the same period.

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