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61 - 75 of 1119
Add a filter on Committee Evidence - FINA-68
Committee Evidence - FINA-68
2015-02-24
Nathan Cullen - 9:07
Brian Kingston
2015-02-24 9:07
...More
I don't know the specifics of how that deal would work, but I would think an American company could use a Canadian financial institution to negotiate that deal.
...Less
China
Competition
Foreign exchange transactions
International trade
Payment processors
NDP (BC)
Nathan Cullen (Skeena—Bulkley Valley)
2015-02-24 9:07
...More
Right.
Is that perhaps where the benefit actually is for Canada? It wouldn't necessarily be on any difference in terms of a new specific resource development that may or may not happen, but it would help the financial service sector of Canada if they have that first mover advantage in terms of completing the deal. I'm looking for where the benefit is and where deals would happen that would not otherwise have happened because of this hub, in terms of Canada versus our competitors. Is it mostly on the financial services side of things where Canada has that first mover advantage? Is that fair to say?
Mr. Lemieux, we'll start with you, and then perhaps Ms. Ecker.
...Less
China
Competition
Foreign exchange transactions
International trade
Payment processors
Eric Lemieux - 9:08
Nathan Cullen - 9:08
Eric Lemieux
2015-02-24 9:08
...More
As I see it, there are two advantages. The first, as you mentioned, is to position Canada to perform renminbi exchange and clearing transactions, not only for Canada, but also for the U.S. and South America. That is a possibility. It's an advantage for us because people would benefit from going through our financial institutions. It benefits our financial institutions.
Second, let's look at those who can benefit from renminbi. I assume you're from Alberta, oil country.
...Less
China
Competition
Foreign exchange transactions
International trade
Payment processors
NDP (BC)
Nathan Cullen (Skeena—Bulkley Valley)
2015-02-24 9:09
...More
I'm from British Columbia.
...Less
China
International trade
Payment processors
Eric Lemieux
2015-02-24 9:09
...More
Let's take Bombardier, in Montreal, for example. It makes airplanes. The fact that it's in Canada, close to the financial institutions it deals with, means it doesn't have to go through the U.S. dollar. Similarly, that proximity allows businesses who already deal with Canadian financial institutions to benefit more quickly than other companies that will eventually have to do business elsewhere.
But you are right. As I see it, it's not a long-term benefit. Other companies could also benefit and have the opportunity to do business with—
...Less
China
Competition
Foreign exchange transactions
International trade
Payment processors
Nathan Cullen - 9:10
Janet Ecker
2015-02-24 9:10
...More
Anything we can do that makes business deals easier, faster, and less costly is a good thing. I think the win-win about this particular agreement is in the ability to have the direct exchange between the two currencies. It's a win for financial institutions in terms of being able to conduct more business, but it's also a win for Canadian businesses in terms of making it easier for them to do business with Chinese businesses.
I think, as the HSBC survey that I cited indicated, Chinese businesses were prepared to have discounts or longer trading relationships, better deals, if they could do it in sort of direct Canadian to renminbi and back again. It's something that just makes it easier, simpler, less costly, less risky, and promotes stronger business relationships. So it's a win-win for both financial institutions and Canadian business.
...Less
China
Competition
Foreign exchange transactions
International trade
Payment processors
NDP (BC)
Nathan Cullen (Skeena—Bulkley Valley)
2015-02-24 9:11
...More
Thank you very much.
I have one last question to Mr. Kingston. I know this isn't your association particularly, but we can imagine larger firms that already have international relations taking advantage of this.
One of the things I've been struggling with, being a former small business person myself, is where the mom-and-pop shops fit into this equation. I know they're not active members in your group, but trying to imagine deals that would not otherwise have happened for some of the smaller value-added businesses in Canada, how accessible is this going to be? These seem like relatively high-end commercial transactions.
...Less
China
International trade
Market share
Payment processors
Small and medium-sized enterprises
James Rajotte - 9:11
Brian Kingston
2015-02-24 9:11
...More
I think the advantages for SMEs could be significant just because of that transaction cost decline that will occur here. As you know, the large companies already have big operations and are active in China. But I think SMEs looking to export to China can use this as a way to do so now, because it will actually make them more competitive in the market.
...Less
China
International trade
Market share
Payment processors
Small and medium-sized enterprises
James Rajotte - 9:12
CPC (BC)
Andrew Saxton (North Vancouver)
2015-02-24 9:12
...More
Thank you, Chair.
And thank you to our witnesses, for being here today.
My first question is for Brian Kingston.
Mr. Kingston, how will the establishment of an RMB trading hub in Canada facilitate the expansion of trade with China?
...Less
China
International trade
Market share
Payment processors
Brian Kingston
2015-02-24 9:12
...More
China, as I noted, is our second largest trading partner, but I highlighted a few sectors where Canada could be doing more. Other countries are trading much more with China than we are. This hub gives us an advantage, because we can now compete with competitor countries in China, and with lower transaction costs we may actually be able to beat out competitor companies to win more deals and therefore increase trade. So that would be the main way.
...Less
China
International trade
Market share
Payment processors
CPC (BC)
Andrew Saxton (North Vancouver)
2015-02-24 9:12
...More
Okay, thank you.
Do you know how much two-way trade has expanded with those locations that already have an RMB trading hub, like Singapore and Hong Kong, etc.?
...Less
China
International trade
Market share
Payment processors
Brian Kingston
2015-02-24 9:13
...More
Yes, I do. An example is Australia. I can't give you the trade figure. I can give you the RMB transaction increase; since their hub, it's increased by 248%. I don't know how that's translated into actual trade flows, but it's a significant increase in the currency trade.
...Less
China
International trade
Market share
Payment processors
Andrew Saxton - 9:13
Brian Kingston - 9:13
CPC (BC)
Andrew Saxton (North Vancouver)
2015-02-24 9:13
...More
That's two and a half times or basically a 250% expansion as a result. So we can hopefully expect something similar to happen here as well.
My next question is for Janet Ecker.
Mrs. Ecker, how does the establishment of an RMB trading hub in Canada benefit Canada's financial sector?
...Less
China
International trade
Market access
Payment processors
Janet Ecker
2015-02-24 9:13
...More
Well, it allows them to do better deals with their clients, Canadian companies, for example, with Chinese businesses. It allows them to start offering more services and products, ultimately perhaps even for the retail market—RMB-denominated financial products, for example. It basically allows them to do more business and better support their clients in internationally reaching out and doing business with China.
I would like to just make one other point about the SME issue. If you couple this currency ability now available with the agreement with things like the Alibaba company with its focus on bringing the Chinese market to SME countries around the world—for example, they have 100 million consumers a day on their purchasing platform—and if you are able to link that up with a medium-sized Canadian firm, the opportunities open up for that SME without having to have the kind of infrastructure that a normal multinational conglomerate might need. It's quite exciting if we can actually take advantage of those sorts of opportunities. And this is the foundation that allows that to happen.
...Less
China
International trade
Market access
Payment processors
CPC (BC)
Andrew Saxton (North Vancouver)
2015-02-24 9:15
...More
Thank you.
Do you know what Canadian financial institutions are doing to ready themselves for this particular change? Have they hired new people? Have they set up a new office? What sorts of preparations are Canadian financial institutions making?
...Less
China
International trade
Payment processors
Janet Ecker - 9:15
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