The Pacific Finance & Trade Summit will gather leaders to look at how Canadian and Chinese companies will gain competitive advantages through being able to settle accounts between Canadian Dollars and Renminbi — expected to be the world’s third major trading currency in the next few years.
The Pacific Finance & Trade Summit, a CityAge event, will outline how Canada’s RMB hub will be able to provide timely, efficient and cost-effective RMB settlement services to the entire Americas.
The Pacific Finance Summit
Canada’s RMB Advantage
June 16, 2015
Vancouver Convention Centre ~ West
For the seventh consecutive year, the World Economic Forum has rated Canada in 2014 as having the world’s soundest banking system. Four Canadian cities rank among the top 35 of the Global Financial Centre Index – Toronto (#11), Vancouver, (#15), Montreal (#18) and Calgary (#33).
Adding to Canada’s significance in global finance, the Peoples Bank of China has designated Canada as China’s first RMB Settlement Hub in the Americas. This places Canada among a select group of countries to be allocated a Renminbi Qualified Foreign Institutional Investor quota, which will allow companies in Canada to use RMB to invest directly with China’s capital markets.
In combination, these successes offer Canada an opportunity to grow both its status as a global financial centre and our exports to China and Asia. The ability to directly trade in what is expected to be one of the world’s top three currencies within five years will add as much as $32 billion in exports for Canada and grow the country’s financial services footprint in Asia.
The Pacific Finance Summit, organized by CityAge and co-hosted by AdvantageBC and the Province of British Columbia, will look at this major opportunity and outline how Canada’s financial sector and business leaders can benefit from the massive opportunity that Canadian-based financial institutions and businesses have at their doorsteps – as long as we capitalize on it.
Draft Agenda ~ Subject to Change
8:30 am Welcome by Conference: Chris Gailus, Anchor, Global BC News Hour
8:45 am Opening Remarks: Colin Hansen, President & CEO, AdvantageBC
8:55 am Remarks by: Ms. Liu Fei, Consul General of the People’s Republic
of China in Vancouver
9:00 am Opening Keynote: Hon. Michael de Jong, Minister of Finance, Province of British
Laying out the red carpet for the Renminbi: A plan for Canada — and Vancouver — to assume their role as North America’s RMB trading centre, and increase Canada’s exports by $32 billion in the next decade.
9:20 am Overview Presentation by: Peter Hall, Chief Economist, Export Development
Money makes the world go around – but are we talking pounds, dollars, euros, yen or yuan?
A high-energy primer examining how the use of global currencies has changed over the past century, with currency exchange volumes increasing dramatically every year in recent memory. Not only does our financial infrastructure need to keep up with the pace, but industry executives and policy makers have to understand how the world of commerce is changing.
9:40 am Speech by: Mr. Wang Wei, Executive Vice President, Agricultural Bank of China
10:05 am Session 1: Canada’s Big Banks: Are Canadian banks ready to lead us into this
Canada’s big banks have grown into global corporations that have strong networks throughout the financial world. What are their strengths in the global marketplace, and how can their networks be used to build an even stronger international financial services sector in Canada? How can Canadian banks help companies navigate this new world of global finance? And how quickly do they have to act to embrace the opportunity that an RMB trading hub status presents finance and the country?
Panel Chair: Sheryl Kennedy, CEO, Promontory Financial Group
10:50 am Morning Break
11:15 am Session 2: The New Banks on The Block: The role of China’s banks in RMB
trading centres as the RMB status as a global trading currency grows
Four of China’s banks are now ranked in the top ten in the world by assets – a very recent development in global finance. In less than six years, Chinese financial institutions have made major strides in
efforts to “go global” in a way that is reflective of China’s place as one of the world’s two largest economies. What will China’s bank footprint look like in Canada and the Americas?
Panel Chair: Yuen Pau Woo, President, HQ Vancouver
12:00 pm Lunch
12:30 pm Comments by: Hon. Teresa Wat, Minister for International Trade and
Minister Responsible for the Asia Pacific Strategy and Multiculturalism, Province of British Columbia
12:35 pm Luncheon Address by: Rongrong Huo, Head of China and RMB Business
Development, Capital Financing, Global Banking and Markets, HSBC Bank (London)
Learning by Example: How have other RMB Settlement Hubs used the status to
grow their international financial sector?
As the first and only RMB settlement hub in North America, Canadian financial institutions have a unique opportunity to play a central role in currency and trade transactions, not just between Canada and China, but between Asia and the Americas. Other existing RMB hubs, such as Singapore and London, are already playing a brokerage role for their regions. How can Canada take full advantage of this opportunity?
2:00 pm Presentation: Caroline Owen, Managing Director, Head of RMB Solutions,
Americas, Standard Chartered Bank
Hubs and Spokes: Taking advantage of RMB internationalization
The liberalization of the RMB represents one of the most profound changes in the world’s financial system in generations. Learn how you can get an edge over your competition by optimizing the regulatory and market developments shaping China and its currency both on- and offshore. This session will provide a user’s guide to RMB internationalization, and will cover cross-border payments, liquidity management, funding and investment. It will focus on the major opportunity the RMB settlement hub offers to business.
2:20 pm Session 3: A Tale of Four Cities: Why Vancouver, Toronto, Montreal and
Calgary belong in the top 35
In Canada there are currently four cities among the top 35 Global Financial Centres as ranked by the GFCI Index. Each of them brings to the table different relative strengths that, when combined, establish Canada as a major financial services powerhouse that is well positioned to take on an even bigger role going forward.
Panel Chair: Jim Dinning, Chair, Western Financial Group
3:05 pm Afternoon Break
3:35 pm Session 4: Canada’s Asian Edge:
What Canadian business leaders have to do differently to capitalize on Canada’s status as an RMB trading centre
Canadian business leaders involved in international trade and finance have lived their entire professional lives in a world where the US dollar has been the pre-eminent currency for international business. As of 2014, less than 1% of Canada-China currency settlement was done in RMB. We know that is changing. What do Canadian companies have to do when their Chinese customer or supplier says “Let’s settle in RMB”?
Panel Chair: Greg D’Avignon, CEO, Business Council of British Columbia
4:20 pm Closing Remarks
4:30 pm Invitation to Wrap-up Reception