Tuesday, January 23, 2007

Cross Talk

Shoot from the lip Finance Minister Jim Flaherty does it again, remember the Halloween surprise, now he is being the sock puppet for the Chinese Government;

China Wants More Investment From Canadian Banks, Flaherty Says

Making amends for the Harper almost blowing it at the APEC Conference. But wait Flaherty is singing to the choir.

His announcement was on Sunday. On Monday BMO Capital Markets releases it' s report on China and Canada, being critical of the Harpocrites playing politics and interfering with investment opportunities in China.

In a special 17-page report entitled The True North Meets the Middle Kingdom: Why Canada Must Embrace China, Dr. Cooper will highlight how China has the potential to contribute to Canada's long-term growth and prosperity.

There are enormous opportunities for Canadian banks to provide savings and investment
vehicles, personal loans, credit cards, online banking, commercial loans and foreign exchange
services—just to name a few
. Those that are there have joint ventures with Chinese
companies and a growing presence in Beijing and/or Shanghai, in addition to the Hong
Kong ventures they have had for many years. At the end of last summer, BMO became the
fi rst Canadian bank to receive permission to provide banking services such as loans, deposits
and trade fi nance in Beijing in the renminbi. It was also the fi rst to be granted permission
to sell derivative fi nancial instruments such as futures and options contracts. It was the fi rst
foreign bank to buy into a Chinese fund-management fi rm, taking a stake in Fullgoal Fund
Management Co. Ltd in 2003. RBC has a fund-management venture with a local bank in the
works and Scotiabank has a 12% stake in a regional bank and a presence in Shanghai.
Canadian banks will also benefi t from off ering Chinese investment products to domestic
and U.S. clients. Those same mutual funds developed for the Chinese market will be
quite attractive for North American or European investors that want a piece of the Chinese
growth story. Many Canadians, for example, have strong business and familial connections
with China and Chinese is the third most commonly spoken language in Canada.

Hmm, ok both are talking, now who is listening?




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