I think the first thing is the direct foreign exchange savings. There are a few businesses right now that are doing business in renminbi, and it's very costly. There are a whole bunch of administrative loopholes to go through because they have to do RMB business through bank subsidiaries in Hong Kong or Singapore. It's a big rigmarole for them. That's why the use of renminbi is so low. I think that less than 5% of companies doing business with China use renminbi.
That's why we're optimistic with having it right here in Canada. They'll speak to their bankers and see the opportunities. They can reach out to their Chinese buyers and suppliers, and say, “Hey, if we do business in renminbi, is there a cost advantage for you?”
What is interesting is that we heard very different views from Canadian businesses. Some were very enthusiastic, “Oh yeah, this is a huge advantage.” Others were saying, “Well, you know, we'll wait and see. We're perfectly happy getting paid in U.S. dollars.”
We think it's good, and what we've seen from other countries' experiences, like the Australians, is a pretty enthusiastic pickup that went up quickly. I think with the Australians, their renminbi deals grew 248% in the first year, so there was pretty quick pickup, but it was from a low base.
We think there would be big advantages for them.