Finance committee  It's ongoing with the public and the private sectors. We have discussed this with the working group with federal finance and several provinces at their finance levels. We're definitely going to have to work in conjunction. Mr. Hall mentioned awareness, so we are working collectively through the TFSA and AdvantageBC to deliver educational programs on how the hub will work, what type of product is good for particular types of businesses, industry trends.

Finance committee  What B.C. did was raise a dim sum bond denominated in CNH to be able to give investors the ability to get some renminbi exposure while holding on to a very high level of debt for a short period of time. They've subsequently come back to do a second offering. EDC has also stepped into that market a couple of times, I believe.

Finance committee  I know that several provinces and several Canadian corporations have examined it, but they're looking to make sure that it makes sense for them, particularly when you translate CNH into Canadian dollars.

Finance committee  I believe it would be infrastructure. It would primarily be short-term debt because most of these pension funds, through their investment committees, have a very strict adherence to what they can invest in. It would likely have to be government-backed debt at the beginning. Certainly I would see corporate debt and common equity coming as a second or third level of investment.

Finance committee  I believe the answer is very much tied to the internationalization efforts by the Chinese government. The currency trades within a band. I believe it was in March 2013 that it widened to 2%, so there is more activity in the currency itself. For many years, and I believe in 2005 through 2006, it was still pegged, so it was not moving.

Finance committee  Is that foreign direct investment of Canadians into China?

Finance committee  Yes.

Finance committee  China's investment opportunity and investment industry internationalizes and opens itself up. They have one of their pilot programs on right now with the Shanghai exchange as well as the Hong Kong exchange. I believe it's called Shanghai-Hong Kong Stock Connect. That gives the ability for investors in both of those locations to buy and sell securities over the exchanges on each centre without prior approval, whereas before this existed, you would have to go and apply for the ability through various RQFII programs, or vice-versa to get into Hong Kong.

Finance committee  Despite some of the obvious numerical and financial savings there, we are looking to demonstrate what economic opportunities have arisen from these savings. It's going to be very difficult for us to put our finger on, but we do expect greater globalization by Canadian small and medium-size enterprises.

Finance committee  We were not competing with anyone. There were discussions among advocate groups in Toronto and Vancouver—

Finance committee  In North America there has been no competition. Going back to one of the earlier questions as for where the U.S. is on this, Canada, through the industry working group, through both TFSA and AdvantageBC, got themselves together with various colleagues of ours at various levels of government.

Finance committee  Absolutely.

Finance committee  That is correct, yes.

Finance committee  As Canadians, whether they be buying debt product or equity product anywhere in the world, they are assuming risk from those entities and the way they are regulated in their home-based countries. As we learn more about the Chinese regulation and oversight of the financial markets, we look for different rated products.

Finance committee  There is still a very close watch of all of the currency movement in China. For every renminbi and every U.S. dollar that passes over its onshore borders, it is tracking. It is very, very conscious, very cautious, of watching that system from how it internationalizes itself, its economy, so they are continuing to watch flow of funds.