Canada and China have signed a reciprocal currency deal that's expected to dramatically boost exports.
The hub will foster far easier trade between the Canadian dollar and the Chinese yuan, also known as the renminbi. It makes Canada the first country in the Americas to have a deal to trade in the renminbi.
The signing of the deal was announced in Beijing today by Premier Li Keqiang and Prime Minister Stephen Harper, who is on his third official visit to China.
Authorized by China's central bank, it will allow direct business between the Canadian dollar and the Chinese yuan, cutting out the middle man — in most cases, the U.S. dollar.
Prime Minister Stephen Harper, left, is shown the way by Chinese Premier Li Keqiang as they arrive for a welcome ceremony held at the Great Hall of the People in Beijing on Saturday. (Ng Han Guan/Associated Press)
Canadian exporters forced to use the American currency to do business in China are faced with higher currency exchange costs and longer waits to close deals.
"It's something the prime minister has been talking about. He wants Canadian companies, particularly small- and medium-sized businesses, doing more and more work in China, selling goods and services there," said CBC's Catherine Cullen, reporting from Beijing.
Jason Henderson, head of global banking for HSBC Canada, calls the deal great news for Canada, given that China is the second largest economy in the world after the U.S.
If Canada is to maintain the standard of living that it enjoys today, he adds, it needs to tap into the Chinese market. The currency deal is the first step on that path.
Earlier today, Canada and China also signed more than 20 commercial deals valued at more than $1 billion.
The Prime Minister's Office said in a statement the deals "are a testament to the significant growth taking place in the bilateral commercial relationship."
"Several sectors stand to benefit from these agreements, including sustainable technologies, aerospace, transportation, construction, mining, energy, infrastructure, agri-food, and information and communications technologies sectors," the statement said.
It said trade between Canada and China supports more than 470,000 jobs in Canada a year, which was about 2.67 per cent of total Canadian jobs in 2013.
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