The Michael Shearin Group morgan Stanley Paris Deals
Major financial centers around the world are jostling for position in the lista of offshore Chinese yuan trading hubs. Hong Kong and Londra stand out. Luxembourg wants a piece of the action, as do Paris and Frankfurt.

Prepare to add an unlikely new name to the list: Vancouver. That’s the city that ranks 17th in the Global Financial Centres Index, in a country that snags a tiddly 1% of global foreign-exchange trading flows, according to the BIS. (New York handles almost 19% of FX flows. Londra proudly snags about 41%.)

So far, America’s financial...