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Canada Seeks to Become Renminbi (RMB) Trading Centre for the Americas
Partnership Between AdvantageBC and the Toronto Financial Services Alliance Announced to Support Initiative
In a joint statement Colin Hansen, President and CEO of AdvantageBC, and Janet Ecker, President and CEO of the Toronto Financial Services Alliance, said:
“Canada has many advantages to offer China as a partner in their efforts to encourage the internationalization of the RMB, and as we seek to expand our business and trading relationships with them. Canada’
“While Canada’s financial industry is headquartered in Toronto, much of the country’s Canada-China trade passes through Vancouver, making it critical for both jurisdictions to work collaboratively so that Canadian businesses are able to take full advantage of this initiative,”
Representatives of Canada’s business community have already expressed support for the initiative. “The establishment of Canada as a RMB centre will continue to raise our stature as a global financial centre and will facilitate increased trade and investment with China, thus benefitting the entire Canadian economy,” said Perrin Beatty, President & CEO of the Canadian Chamber of Commerce. Support has also been expressed from the Canadian Council of Chief Executives, the Canadian Manufacturers & Exporters and the Canada China Business Council.
Work is already well underway to support this initiative. For example, in 2013, BC issued a government bond denominated in RMB to become the first “dim sum” bond in Canada. It was quickly oversubscribed, largely by Asian investors. Also last year, Ontario’s TFSA established a working group with representation from thirteen national financial companies and three public sector observers (see list below). The working group is co-chaired by financial executives from BMO Financial Group, HSBC Bank Canada, Bank of China (Canada) and the Industrial and Commercial Bank of China (Canada).
A similar group is being established in British Columbia. TFSA and AdvantageBC have also established a steering committee to coordinate the work of the two groups.
AdvantageBC International Business Centre-Vancouver (formerly known as International Financial Centre British Columbia) is a non-profit organization solely funded and governed by its 148 members conducting or supporting international business activities in BC. AdvantageBC was established in 1986 to attract international business to British Columbia by promoting the tax incentives available through the Province's International Business Activity program as well as the many other advantages BC offers companies engaged in international business.