Photo from National Post

Earlier today, it was announced that a currency hub will be established that enables citizens to directly trade their Canadian dollars to China’s currency, renmenbi, and vice versa. Stephen Harper believes that through this exchange, more Canadian firms will be more willing to work with the Chinese markets. Currently, the only countries that are able to directly exchange their currency to Chinese renmenbi are: Russia, Vietnam, Sri Lanka, Thailand, Japan, Australia, and soon enough, Canada.

I believe this is a great move by the Prime Minister to promote globalization and international trade. Not only so, but I see this move as an acknowledgement that very soon, China’s economy will surpass the United State’s economy. Although outsourcing is causing a lost in jobs, I see this as an opportunity as it is strengthening current firms by lowering costs and increasing contribution margins. By opening up this exchange hub, I hope that this will promote Canadian companies to work with Chinese partners in the delivering of their partner as it really helps to show that we truly are a multicultural country.

Source:

http://www.sunnewsnetwork.ca/sunnews/politics/archives/2014/11/20141108-110420.html