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News Roundup: Feb. 27

RMB Trading Hub Means Brief Window of Opportunity for Cdn Companies
Canadian companies should get while the getting’s good when the country’s own renminbi currency trading hub launches, according to William Zhu, a representative of the Industrial and Commercial Bank of China, as quoted in the Canadian Press. Scheduled to debut next month, the trading hub means a competitive advantage for Canadian companies doing business in China, but those benefits will likely only last several years as China’s liberalization of its financial system increases, says Zhu. “After the (full) liberalization of capital accounting, you have no competitive advantage as a renminbi offshore centre in North America,” Zhu told the House of Commons finance committee.

Vancouver Wants Asian HQ
Vancouver has initiated a new program to draw in Asian business headquarters to set up operations in the city, reports Business Vancouver. The HQ Vancouver program, which launched on February 13, is a partnership between the Business Council of B.C., Victoria and Ottawa that aims to draw in business HQ in natural resources, life sciences, education, transportation, agri-food and other sectors. Former head of the Asia Pacific Foundation, Yuen Pao Woo, has been appointed president of the HQ Vancouver project.

Chinese Seafood to Invest Millions in N.S. Lobster Industry
A Chinese seafood company is setting up long-term operations in Nova Scotia in an effort to cash in on the boom in lobster consumption of China’s middle class, reports CBC. The Zhangzidao Group says it will spend millions on new holding and processing facilities in Nova Scotia, to aid in exporting an expected 2.3-4.5 million kilograms of lobster to China.

Canadian Iron Ore Exports to China Drop
Canadian iron ore exports to China declined significantly during 2014, though China remained the largest importer of Canadian ore, according to the latest trade statistics reported by Metal.com. Chinese imports equaled roughly one-fourth of total exports from Canada, but the exports dropped 33 percent compared with the same time last year.

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