Lunch-Internationalization of the Renminbi (“RMB”)
Date: February 28, 2013
Location: The National Club, 303 Bay Street, Toronto
Time: 11:30 pm Registration & Networking 12:00pm Lunch & Presentation
The Internationalization of the RMB should be of interest to most of us, not just currency specialists.
China is by all accounts an economic powerhouse. It is the second largest economy in the world and the second largest trading nation. Inbound foreign direct investment (FDI) and outbound direct investment flows rank first and ninth in the world, respectively. However, China’s currency, Renminbi (RMB), plays virtually no role in China’s international dealings. In 2009, 98% of China’s international payment was settled in currencies other than the RMB – 80% in US dollar. This reliance on foreign currencies is costly.
China is responding to this risk by promoting the internationalization of RMB. China’s strategy involves a three-pronged approach: 1) facilitate international trade and investment denominated and settled in RMB; 2) develop offshore RMB-denominated financial products and encourage investment in these assets; 3) encourage central banks to hold RMB as part of their foreign exchange reserves.
To explore what impact this will have on your business, TMAC is pleased to have arranged a panel of 3 speakers from HSBC Bank Canada to discuss their perspective on the impact of the Internationalization of the RMB Currency on their respective lines of business; Payments & Cash Management, Foreign Currency Trading, and Global Trade & Receivables Management.
Erin Bennett, Head of Payments & Cash Management, HSBC Bank Canada
Erin has 17 years of practical management experience in sales, strategic planning, product management and product development in the financial services industry. Erin has been working for major Canadian financial institutions since 1995 with various roles in commercial and retail banking. Through her experience in many different functions, Erin has developed an excellent understanding of both domestic and international payment systems from both an operational and technical perspective with a focus on NAFTA and the EU. In 2010 Erin was appointed to Head of Payments of Cash Management, HSBC Bank Canada and is responsible for leading a specialized team, including, Sales, Product Development, Client On-Boarding and Client Services in support of all commercial Client Segments. The team will focus on delivering high quality working capital solutions for HSBC clients in Canada and around the globe. In addition to her responsibilities at HSBC Bank Canada, Erin was recently appointed to the board of the Canadian Payments Association of Canada and is a member of the Senior Payments Group at the Canadian Bankers Association. With her industry experience Erin holds a Masters degree in Business Administration, a Bachelor degree in Commerce and a Bachelor degree in Arts.
Wayne Osborne, Director FX Sales Ontario, HSBC Bank Canada
Wayne Osborne is a 25 year participant in the Canadian FX markets. He has worked in Calgary, Halifax, Montreal and Toronto with one domestic bank and 2 International Banks covering both Institutional and Corporate clients. He has been with HSBC for over 6 years. He currently runs the corporate sales team in Ontario. BA honors in Economics from Queens and an MBA in Finance from Saint Mary’s.
Ben Arber, Head of Global Trade and Receivables Finance, HSBC Bank Canada
Ben Arber is a transaction banking specialist who joined HSBC 15 years ago after a brief spell in investment banking in London. His first role with HSBC was leading a trade business in the Middle East. Ben then worked with HSBC in Hong Kong, Taiwan, Korea and London, before moving to Canada in 2011. Trade finance and cash management have been Ben’s focus throughout his career with HSBC. His first-hand experience of supporting HSBC clients’ needs in emerging markets together with insights into what international partners in business expect from Canadian businesses will help you focus your business and better manage your risk.
Cost: TMAC Members: No Charge Non-Members: $60.00 plus HST(7.80) Total: $67.80
Please register for this event by e-mailing Vivien Hall-Cho at firstname.lastname@example.org by noon on Friday, February 22nd. If you are a member and unable to attend, send a guest for free, another benefit of membership with TMAC-Toronto.