Canada, China ink $2.2 billion deals amid espionage issue

Canadian Prime Minister Stephen Harper said he had signed deals with China worth $2.2 billion on Saturday, in a trip overshadowed by Beijing’s detention of two Canadians accused of espionage. Agreements announced on the sidelines of a meeting between Harper and Chinese Premier Li Keqiang in Beijing include a commitment by the state-run China Express Corporation to buy Canadian Bombardier aircraft, and at least two fruit export deals.

We’ve established regular access to Chinese markets for BC (British Columbian) cherries.

Canadian Prime Minister Stephen Harper

Harper added that the two countries had inked agreements on nuclear cooperation as well as the creation of a “renminbi hub,” allowing Canadians to invest directly using China’s currency. Under the agreement, some Canadian financial institutions will be allowed to use funds denominated in China’s yuan to invest in Chinese capital markets, up to a maximum limit of 50 billion yuan ($8.1 billion). Relations between the two countries became tense over the summer after Ottawa accused Beijing of cyber-hacking, and police detained a Canadian couple living close to China’s border, with state media branding them as spies.

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