Toronto becomes first RMB hub in Americas
Canada is the eighth country to do a currency trading deal with China
Canadian financial centre Toronto has become the eighth Chinese renminbi-trading hub outside China and the first in the Americas, following a deal between the two countries, which will be finalised on March 23.
Hong Kong, Singapore, Taiwan, Sydney, Frankfurt, Luxembourg and London are the other financial capitals that boast a trading hub, which enables businesses operating in those countries to convert directly to the renminbi, rather than having to trade indirectly through another currency such
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