Bank of Canada will only lend renminbi as ‘last resort’
Financial markets chief says it is up to banks to manage their liquidity needs
The Bank of Canada will only consider lending renminbi to banks as a "last resort", according to the financial markets chief at the central bank.
Paul Chilcott told the Standing Committee of Finance the Bank of Canada's RMB200 billion ($32.5 billion) swap deal with the People's Bank of China (PBoC) would help underpin increased levels of renminbi activity in the country, but suggested it would be used infrequently, if at all.
"It should be underlined that Canadian financial institutions are
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