Yuan Enlists Canada to Challenge World Domination of U.S. Dollar
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Hostesses in cocktail dresses and blasts of confetti flanked Chinese and Canadian financial luminaries as they celebrated the yuan’s first beachhead in North America.
The event, held in a cavernous room bathed in red light at the Metro Toronto Convention Centre last week, served to introduce a transaction clearing bank for the Chinese currency less than 500 miles from Wall Street. The new trading hub will allow companies for the first time to settle accounts with Chinese partners during local business hours in the $5.3 trillion dollar-a-day currency market.