On November 23, 2015, Chris Brummer, the C. Boyden Gray Fellow on Global Growth and Finance at the Atlantic Council, spoke alongside Mingxuan Zhu, President and CEO, Industrial and Commercial Bank of China, Susan Gammage, Thomson Reuters’ Head of FX Transactions Sales, Americas, Janet L. Ecker, President and CEO, Toronto Financial Services Alliance, and Jeffrey Hodgson, Canada News Editor, Reuters at the Thomson Reuters Compliance and Risk Summit in Toronto.
The topic of the conversation involved implications of Canada’s efforts to create a financial center for RMB-denominated transactions. Among his remarks, Dr. Brummer discussed the likely inclusion of the Chinese currency in the International Monetary Fund’s basket of reference currencies, and the opportunity to integrate China’s monetary policy into a multilateral framework tied to binding policy commitments. He also emphasized the need to strengthen macroprudential and market supervision in the sector, as well to consolidate varying provincial approaches in Canada.
Dr. Brummer’s remarks at the Compliance and Risk Summit touched upon many key elements of the Atlantic Council’s well regarded report “Renminbi Ascending: How China’s Currency Impacts Global Markets, Foreign Policy, and Transatlantic Financial Regulation”, released earlier this year.