Toronto becomes Chinese currency trading hub

Toronto becomes Chinese currency trading hub

Toronto becomes Chinese currency trading hub Federal finance minister Joe Oliver and Ontario’s Charles Sousa are at a ceremony this evening (Monday) to officially mark the first yuan to Canadian dollar conversion. Toronto is joining a select few cities that are authorised to be trading hubs for Chinese renminbi, which means the ‘people’s money’. It means that transactions between Canadian and Chinese businesses will no longer have to be converted to a third-party currency such as the US dollar. It should help to increase trade between Canada and China.