Canadian banks welcome Chinese currency hub
- 11:04 am, November 8th, 2014
[you're kidding me, is the boy stupid or what!! Can anyone say Chinada?]
Canadian banks applauded a big deal that Prime Minister Stephen Harper made in China Saturday.
Canada reached an agreement with China that its currency, the renminbi (RMB), can be traded in Toronto.
China tightly controls how and where its currency is traded. Canadian firms now have to exchange loonies into U.S. dollars and then change that into China's currency.
"This is fantastic news for Canadian companies," BMO’s C.J. Gavsie, who was at the announcement in Beijing, said in a statement Saturday.
"The trading hub will ensure that Canadian firms doing business in China can purchase RMB on the open market without converting to another currency first. As we've seen in other jurisdictions, the cost savings will lead to more trade. This, in turn, will create more jobs for Canadians."
Paulo Maia, the president of HSBC Bank Canada, said "the internationalization of the RMB is one of the most significant financial events of the 21st century, and Canadian businesses and the economy as a whole will benefit from Canada's position as the first RMB trade and investment hub in the Americas."
Last year, the renminbi overtook the euro to become the second-most used currency in global trade finance after the U.S. dollar.
While Canadian and Chinese companies signed trade deals worth more than $2.5 billion, the issue of a Canadian couple accused of spying in China lingered in the background.
Harper did not mention the case of expatriates Kevin and Julia Garratt, held by China for suspected theft of military and intelligence information and for threatening national security, at a press conference.
But, in a speech earlier in the day, he said Canada's prosperity is rooted in both economic freedom and respect for the rule of law, democracy and human rights.
-- with files from David Akin, Reuters
Lovasz-Bennet Mary Richard Okanagan Valley BC, Canada
One more step on, and into Canada. This boy has to be stupid, hes just giving us away! These are the worst enemies of the free world and here he is giving Canada away AGAIN, by planting their Communist banking system right on our soil.! OOOWEEE is this boy stupid! Can anyone say CHINADA?
Jan Bakker · Top Commenter
Further evidence that the US will lose it's super power status and that the mighty dollar will soon no longer reign supreme .
Need three guesses who and what brought that upon the US ?
Dan Mancuso · Top Commenter · Works at I work on a cattle ranch in central interior BC
Jan Baker;
I was thinking along the same lines. This sounds like one more step down the slippery slope to the end of the US dollar as the reserve currency and the inevitable global financial collapse that will - intentionally - follow.
You might want to 'gird your loins' before you read these...
http://www.wnd.com/2013/08/ the-dollar-collapse-not-whe ther-but-when/
http://personalliberty.com/ how-the-u-s-dollar-will-be- replaced/
Saturday, November 8, 2014
Canadian banks welcome opening of Chinese currency hub
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