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Click here to watch interview

The Canadian Chamber applauds the announcement by the Canadian and Chinese governments to establish a Canadian renminbi trading hub. This is a win for Canadian business as we estimate the hub could boost Canada’s exports to China by as much as $32 billion over the next decade. Over the next 10 years, the hub could also cut Canadian importers’ costs by as much as $2.75 billion as Chinese companies prefer doing business in renminbi and are willing to offer buyer discounts. Businesses can also save on foreign exchange costs by converting directly from Canadian dollars to renminbi, without the intermediary step of converting into U.S. Dollars.

Hendrik Brakel, our Senior Director of Economic, Financial and Tax Policy appeared on BNN to discuss the benefits of a Canadian renminbi trading hub. Click here to watch the interview.

Last month, we also issued a report on why Canada needs a renminbi trading hub. Click here to read the report.

For more information, please contact Hendrik Brakel.

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