Canadian government issued issued a statement at a Asia Paicific nations meeting:
- – did not say for how long the currency swap would be effective.
- – China’s central bank, the People’s Bank of China, will also appoint a yuan clearing bank in Canada as part of a Memorandum of Understanding
- – did not say which bank would be appointed the renminbi clearing bank, but is likely to be one of China’s four largest banks.
- – China will additionally give Canadian investors the right to invest up to 50 billion yuan initially in China’s capital markets
- – The quota will be granted under the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme.
The material has been provided by InstaForex Company – www.instaforex.com