USD, CAD, RMB Canada China Swap Deal

Posted by: : Shayne HeffernanPosted on: November 8, 2014 USD, CAD, RMB Canada China Swap Deal

China’s central bank signed a currency swap deal worth 200 billion yuan (32.79 billion U.S. dollars) with the central bank of Canada.

The three-year deal could be extended upon agreement by the two sides, said a statement on the website of the People’s Bank of China.

Also on Saturday, the two sides signed a memorandum of understanding for Renminbi (RMB) clearing settlement in Canada. China agreed to extend the RMB Qualified Foreign Institutional Investor scheme to Canada, with an initial quota of 50 billion yuan.

The deal marked a new step forward in financial cooperation between the two countries, and will facilitate bilateral trade and investment to help maintain regional financial stability, the statement said.

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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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