Finance committee  Thank you for the question. It is a big subject so it's tough to narrow it all down. I'll address it from the financial industry first, and then I will talk about some others. On financial industry competitiveness, we already have such a great brand and reputation, we being th

Finance committee  Yes, it certainly is.

Finance committee  That's correct. Yes. That's the financial industry. Other industries which act on a global basis...for those that compete against other countries in the world, where they are buying product or service from Chinese suppliers' shelves to put onto their own, it now gives Canadian

Finance committee  Yes, it's significant. We watch the U.K. hub, as a very close example to the way we picture ourselves, as having the financial industry requirements to deliver product to the European base. Now, since that was set up in the U.K., Luxembourg has come online for investors. Frankf

Finance committee  Diageo may have to purchase RMB or even hold an account in RMB as it does its business over there. Instead of converting back and forth every time they need to make a payment or convert a receipt, they can now do it in RMB and can fund their business through RMB.

Finance committee  Thank you very much.

Finance committee  As Mr. Zhu alluded to, the free flow of RMB between China and Canada will certainly be an attractive opportunity for them as they are primarily denominated in RMB. It will give them the automatic ability to transact. However, as we increase our services as a bank—and every Canadi

Finance committee  Yes. Particularly for the small and medium-sized enterprises, I think the ability to collect and warehouse RMB in a bank account here in Canada is going to be the most advantageous component. Right now they cannot do that. They have to make one payment at a time in a spot transa

Finance committee  It's very common for mining companies around the world to try to operate as much of their businesses in U.S. dollars as possible because when they pull their product out of the ground, and they develop long-term contracts as well as long-term capex projects, they look for a U.S.

Finance committee  Very much so. I do believe that as the hub comes into play in Canada, it's now good to give those mining companies the ability to hedge in RMB and continue to conduct their businesses as they see fit without the currency volatility. Over time, as they are required to run more of

Finance committee  Absolutely. Tourism is certainly one of the more visible areas of improvement that we're able to see. The other examples would fall within the lumber industry, the fisheries industry, oil and gas. Obviously, we can witness the heavy set of demand by the Chinese economy for some

Finance committee  I'd like to point back at the Luxembourg example, because right now we do not have the RQFII program running here today. We have experienced many professional investors requesting more information about that. As these investors, again, professional investors, look to diversify th

Finance committee  This was interesting because this came up in conversation in terms of where the hub is to be located, and it was a bit of a misconception. With the hub being virtual, anywhere across Canada, we do expect, from greater economic development and greater competition for Canadian firm

Finance committee  We would consider it offshore.

Finance committee  That's correct.