Renminbi toolkit to help Canadian businesses benefit from RMB hub

VANCOUVER, June 17, 2015 /CNW/ - The Province of British Columbia and AdvantageBC launched an online toolkit (AdvantageBC.ca/Renminbi) at the Pacific Finance and Trade Summit to help businesses learn how to use Canada's renminbi trading hub, Finance Minister Michael de Jong announced.

The toolkit will help Canadian firms realize the benefits of transacting business in RMB 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.

Canada's RMB trading hub fits with the long-term strategy to strengthen economic and financial ties with the Asia-Pacific region. The hub has 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 designated a RMB trading hub in November 2014; the hub launched in March 2015. The Industrial and Commercial Bank of China Canada is the official clearing bank for the hub.

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 Canada's RMB trading hub since early 2014.

SOURCE AdvantageBC

For further information: Media Contacts: Talia Beckett, AdvantageBC, Director of Communications, 604 683-6629, tbeckett@advantagebc.ca; Government Communications and Public Engagement, Jamie Edwardson, Ministry of Finance, 250 356-2821

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