OREANDA-NEWS. December 02, 2014. With the approval of the State Council, the PBC signed a Bilateral Local Currency Swap Agreement with the Bank of Canada.

The size of the facility is 200 billion yuan/Can30 billion.

The Agreement is valid for three years and can be extended with mutual consent. On the same day, the two parties signed a Memorandum of Understanding on Establishing RMB Clearing Arrangements in Canada and agreed to extend the RQFII Pilot Scheme to Canada with an initial quota of 50 billion yuan. Subsequently, an RMB clearing bank will be designated in Toronto.