Royal Bank of Canada (RBC) has completed its maiden cross-border Renminbi (RMB) payment on Canada’s new RMB trading hub.
The cross border bank-to-bank payment has been processed by the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada).
The move comes as a part of a memorandum of understanding signed between RBC, alongside other Canadian banks and government delegate with respect to Bilateral Renminbi Cooperation.
RBC Investor & Treasury Services head of transaction banking – banks, brokers and exchanges James Rausch said: "RBC has been active with industry peers in promoting and securing the opportunity for Canada to become a Renminbi trading hub.
"Given RBC’s long-standing relationship with China, we view this as a positive development for Canada, for our clients, and for trade between Canada and China."