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ICBC Canada, a renminbi clearing bank, was officially launched in Toronto on Monday, becoming the first RMB trading hub in the Western hemisphere.

Canadian Finance Minister Joe Oliver and Chinese ambassador to Canada Luo Zhaohui inaugurated the trading hub also known as ICBK.

"Today's announcement of the launching of a renminbi hub reinforces the strength of our ties," Oliver told the launching ceremony.

"Through lower transaction costs, it is now easier for Canadian firms to trade with and do business in China. This will mean jobs, growth, and long-term prosperity for Canadians, and a brighter future for both our great countries," said the...

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