Office of the Premier
The Province of British Columbia and AdvantageBC have launched a toolkit to help businesses understand and learn to use Canada’s renminbi trading hub, Finance Minister Michael de Jong announced.
The renminbi, or RMB, toolkit will help firms all across Canada realize the benefits of transacting business in RMB; for example, by reducing currency conversion rates or transaction costs. Using RMB can be more efficient than using the currency of an unrelated country, typically the U.S. dollar, and can lead to improved trade terms that could make B.C. businesses more competitive and able to expand market share.
The toolkit was launched as part of the Pacific Finance and Trade Summit: Canada’s RMB Advantage, which takes place today (June 16) at the Vancouver Convention Centre.
Canada’s renminbi trading hub fits with B.C.’s long-term strategy to strengthen economic and financial ties with China and the Asia-Pacific region. The hub has many mutual benefits for business in Canada and China, including expanding bilateral trade and providing a critical link for RMB transactions in North America.
Canada was officially designated a RMB trading hub in November 2014; the hub was launched in March 2015. The Industrial and Commercial Bank of China Canada is the official clearing bank for the hub.
The Province has been collaborating with AdvantageBC, the Government of Ontario, the Toronto Financial Services Alliance and the financial services industry to promote and establish Canada’s renminbi trading hub since early 2014.
Quotes:
Minister of Finance Michael de Jong -
“We have worked hard and collaborated across the public and private sectors to have Canada established as a renminbi trading hub. Now we’re ready for the next step: having businesses jump on board and start using the hub. This toolkit will give firms the knowledge and confidence they need to conduct business in RMB, which will help lead to the hub’s success.”
Minister of International Trade Teresa Wat -
“Our trade with China has helped B.C. stay on an even economic foundation during rocky times around the globe. The country has proven to be a key trading and investment partner for Canada, and especially for our province. The renminbi hub is a reflection of our continued efforts to grow both bilateral and multilateral trade and investment. We hope our efforts will pay off further by encouraging other North American cities to promote the use of RMB-denominated businesses.”
President and CEO of AdvantageBC Colin Hansen -
“A renminbi hub is a significant opportunity and advantage for businesses all across Canada, but businesses can’t benefit from the hub unless they know how to use it. This toolkit is the resource they need to feel comfortable to transact their business in RMB.”
Quick facts:
- In 2013, B.C. was the first foreign government to issue a “dim sum” bond in the renminbi market.
- The one-year bond raised about C$428 million.
- In October 2014, B.C. issued a second dim sum bond - this time a two-year bond - into the renminbi market.
- The 2014 bond raised approximately C$559 million and was largest RMB bond from an offshore entity, tied with the United Kingdom.
Learn More:
The RMB toolkit is available online at: AdvantageBC.ca/renminbi
Media Contacts:
Government Communications and Public Engagement
Jamie Edwardson
Ministry of Finance
250 356-2821
Government Communications and Public Engagement
Media Relations
Ministry of International Trade
250 356-7293
Talia Beckett
AdvantageBC
Director of Communications
604 683-6629
