
Today, we issued a report entitled Doing More Business with China: Why Canada Needs a Renminbi Hub.
Over the past decade, China has become Canada’s second largest and fastest growing trading partner, with exports quadrupling from $5 billion to $20 billion and imports nearly tripling from $18.6 billion to $52 billion. In fact, in 2013, China surpassed the United States to become the world’s biggest trading nation, with imports and exports totaling $4 trillion. China’s currency, the renminbi, is also the world’s fastest growing currency, and the Chinese government is keen to liberalize the renminbi and ensure an increasing share of trade flows is denominated in the currency. With these factors in play, now is a prime opportunity for Canada to cement its commercial and diplomatic relations with the country that will one day become the world’s largest economy. It is time to establish a renminbi trading hub in Canada.