I said that it would have an impact in several ways. In many ways it's more of a marketing initiative than it is some major change to what's happening.
As we talk to the banks, the banks are trading in renminbi, and it's growing all the time. However, right now in North America, not a city has decided that it wants to be a renminbi trading hub. Singapore is doing it, London is doing it, but New York, for example, has not decided to do it. If Canada were to choose one of our cities to play this role, and do it early enough—you can't be late to the party or there's no benefit—it would draw increased trading through our country.
That would have a couple of benefits. For example, right now some of the major banks are already developing those capabilities of their employees to understand the benefits of the renminbi and how you would trade in it, but if we had a hub, the capability would go through many more of our financial institutions. At the same time, a lot of our small and medium-sized enterprises, who we know struggle to figure out how to expand beyond the U.S. to a more difficult export market like China, would able to understand how they could use renminbi in their strategies for bidding on projects for selling. They would be able to avoid the costs of bidding, for example, in U.S. dollars, and then having to trade Canadian dollars to U.S. dollars to renminbi, and be able to go more directly.
None of these are “big bang” benefits, but they would all come together. To be honest, if I think about our political issues that we can discuss with China, this is one that would seem to be relatively uncontroversial. If you think about the items on which we would like to make progress in our political relationship with China, this one might be a nice easy step as we move toward further deepening of our China strategy.