The government of British Columbia has became the first Canadian government to sell bonds into China’s market.

On November 4th, 2013 at 6;00PM, the BC government legally signed a contract with China, issuing over a total of $400 million bonds at a rate of 2.25% per year. Interestingly, the bond was issued in China’s currency, also called the Renminbi (RMB), sold just over $2.5 billion RMB. This one year bond contract also has a nick name called “dim sum”, and it is expected to pay out in November, 2014.

The B.C debt is rated at AAA level, which makes its debt attractive to international investors looking for perceived safety. Although it doesn’t contribute a large proportion of money in the province’s operating costs, it’s a telling move for a province trying to ally itself more closely with the Asian market.

As a Chinese immigrant in Canada, I am really happy to see the increasing in trade between Canada and China. Not only does this indicate the growing power of China, but also shows the better friendship between two countries. I really look forward to the economic growth of both countries.