Today we were all a buzz at my work, talking about just where Canada stands with respects to our country’s economic prosperity, and the news about our Feral Government leaders making untold billions in trade deals over there in China on this latest trade visit. So naturally we broke into topics such as benefits in the retail sector here in Canada, and how much costs, or savings, will we see in the near future, and will we be able to buy and get better deals in the Chinese market then now? Of course internet buying popped up over the lunch room table, as many, if not all of us buy on sites that link us to the Asia-Pacific markets. One point that was broadcast from the CBC News Channel on Cable TV was that Canada is now able to trade directly from Canadian currency to the Chinese currency without having to go through “the middle man,” U.S. Dollars.
According to CBC News, the agreement between Canada and China means that both Central Banks will set up a virtual “Hub” in which both currencies can be directly exchanged without going through a middle man. The way the news source reported it, it seems that anyone between our two nations can now buy directly through participating Banks, and buy and sell goods once it is set up. So we thought that this might now mean that we can eliminate exchange companies like PayPal when buying into the Chinese market altogether, and simply make purchases through this new “Hub.” But we retreated into “what are the strings that maybe attached” to Joe consumer?
Will the “Hub” be only available to businesses only at a commercial level? Will the service charges be as much, or more than when what we are already paying for now, (going through the U.S. dollar exchange system)? Will new online opportunities spring up for consumers? Will Canadian retailers benefit hugely from this? Has Canada sold out to the “All Mighty Dollar,” as quoted by Mr, Harper over eight years ago according to CBC News, and forgotten that China is still a Communist country with a very scary Human Rights record?
As I sipped on my coffee, I wondered if all these new trade deals are worth it to the average Canadian. I can only image that selling oil and raw resources was at the top of the trading list from Canada, knowing that China is energy starved, and Canada really wants to sell its oil to them (CBC News). Either way, I want to know what is in it for me.
Canada, China sign currency deal aimed at boosting trade – Nov 8th, 2014