Canada and Middle East the next stop for yuan’s global journey

HONG KONG: Even as China quickly expands the use of its currency to financial hubs in Asia and Europe this year, bankers are already looking to Canada and Middle East as the next growing regions for their offshore yuan business.

The moves are in line with Beijing’s ambition to promote its currency to more international investors and eventually turn the “redback” into a global reserve currency, while at the same time expanding its already considerable political and economic clout.