Bank of Montreal (BMO) receives permission to settle accounts in yuan, allowing its corporate...

|About: Bank of Montreal (BMO)|By:, SA News Editor

Bank of Montreal (BMO) receives permission to settle accounts in yuan, allowing its corporate clients to bypass the dollar when trading with China. Outside of cutting down on estimated transaction costs of 4-8%, it's another small step in the internationalization of the renminbi (marginalization of the dollar?).