Nov 08, 2014
By Bob Sheppard
Prime Minister Stephen Harper and Chinese Premier Li Keqiang have signed a reciprocal currency agreement that will eliminate the need for trade between the two countries to take place in U.S. dollars.
Canada`s exporters are currently forced to use American currency when doing business in China. That means they`re faced with higher currency exchange costs, and longer waits to complete a deal.
This new currency hub deal means Canadian exporters can deal directly with Chinese businesses, and it’s expected to dramatically boost Canada`s exports.