Canadian export agency signs agreement with ICBC to settle transactions in RMB

Reuters, March 23: Canada’s export agency, Export Development Canada (EDC), signed an agreement with the Industrial and Commercial Bank of China on Monday to increase the use of RMB as a settlement currency in trade-related transactions; at the same time, Canada established the first RMB trading center.
Export Development Canada signed a memorandum of understanding with the Canadian branch of the Industrial and Commercial Bank of China; the Canadian branch of the Industrial and Commercial Bank of China serves as the RMB business clearing bank in Toronto. EDC Senior Vice President Mairead Lavery said in a statement that the two agencies will “consider various ways to facilitate trade matters between Canada and China.”
The RMB trading center and clearing center opened in Toronto on Monday.