VANCOUVER, British Columbia, June 18, 2015 /PRNewswire/ -- The Province of British Columbia and AdvantageBC have launched an online toolkit (AdvantageBC.ca/Renminbi) to help businesses understand and learn to use Canada's renminbi trading hub, Finance Minister Michael de Jong announced.
Minister of Finance, Michael de Jong explains, "We have worked hard and collaborated across the public and private sectors to have Canada established as a renminbi trading 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."
The renminbi, or RMB, toolkit will help businesses across Canada realize the benefits of transacting business in renminbi (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 Canadian 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, June 16, 2015 at the Vancouver Convention Centre.
"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," says Colin Hansen, President and CEO of AdvantageBC.
Canada's renminbi trading hub fits with the 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 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," says Minister of International Trade, Teresa Wat.
The Government of British Columbia 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.
Media Contacts: Talia Beckett, AdvantageBC, Director of Communications, +1-604-683-6629, tbeckett@advantagebc.ca; Government Communications and Public Engagement, Jamie Edwardson, Ministry of Finance, +1-250-356-2821
