Mr. Speaker, yesterday the Minister of Finance launched North America's first renminbi trading hub. This is further evidence of how Canada is deepening both its coastal and commercial ties with China, while helping Canadian businesses grow. The Canadian Chamber of Commerce has applauded this announcement, calling it a big deal that will make a real difference on the ground.
Using the renminbi hub will be more efficient for Canadian firms doing business with China. It will now be easier for Canadian firms to make payments and investments in renminbi, thereby lowering the costs, creating jobs, growth and long-term prosperity for Canadians.