Oct 18 Canadian businesses lag their
global counterparts in using the Chinese renminbi, even after
the launch last year of North America’s first yuan trading hub,
according to an HSBC survey released on Tuesday.The bank said usage of the Chinese currency by Canadian
companies doing business with mainland China rose to 7 percent
of those surveyed from 3 percent in 2015.This was below the global average of 24 percent and suggests
Canadian companies may be missing an opportunity to increase
sales to the world’s second-largest economy, it said.
Using the local currency “can improve relationships or
attract new buyers to a company’s products. And clearly
businesses in other markets are adjusting,” Linda Seymour, head
of commercial banking for HSBC Bank Canada, said in a statement.Canadian businesses are lagging in using the Chinese
currency despite the 2015 launch of North America’s first yuan
hub in Toronto, which enables the processing of yuan payments
outside …