China Approves BMO as Market Maker for Yuan Trading vs Canadian Dollar

[kreslik.news]

BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group (NYSE:BMO)(TSX:BMO), has received regulatory approval from China’s central bank to be the first and sole market maker for direct onshore trading of the Chinese yuan (CNY) and the Canadian dollar (CAD).

The move will facilitate trade and cross-border investment between China and Canada and increase the presence of the RMB in the North American market. In addition, it would make exchange rate transactions for businesses and investors from both countries easier and mitigate foreign exchange risk.

While the number of Canadian businesses using the RMB has increased in the ... (read more)