They are in sectors as diverse as life sciences, aerospace and information technology. China’s currency is on the way to becoming a global reserve currency. A decade from now, our children may convert Canadian dollars into renminbi as easily as we do now for US dollars.
We pay very close attention to China at the Bank of Canada because of its growing importance to our country’s economic and financial well-being. Today, I want to share with you some of what we’ve learned by studying how China’s economy and financial system have evolved, and to discuss the opportunities and challenges that lie ahead.