Canada and China signed currency deal
There is a trend that the cooperation between Canada and China is more frequent. With the deal in currency, the bilateral relation is even closer. Since last year, Canadian Immigration Department started to extend the short-term tourist Visa. Now qualified Chinese applicants can obtained Visa for 10 years rather than one year before. Extended stay period could boost tourism inside Canada. Recently, Canada and China signed a deal for currency trade, which is supposed to increase import and export for both side. By signing this deal, the trade between Canada and China no longer need to go through U.S dollars, which mean the expense of same trading will drop. And a prediction made by pundits said that the trade could be doubled or triple.
Both the Visa policy and and currency deal showed that the connection between Canada and China is stronger. However, Chine is devoting to use CNY as its official currency in international trades instead of U.S dollars. How much would it affect U.S, when the second largest country in economy stop all trading with its currency?
Work Cited
Picture: http://www.masslib.net/wp-content/uploads/2014/05/forex-day-trading.jpg
