Wang Lijun, president and CEO of Bank of China (Canada), delivers opening remarks at the 20th anniversary celebration of the bank’s Vancouver branch on Jan 9 at the Vancouver Art Gallery. DANWEI BU / FOR CHINA DAILY

The International Business Center of Bank of China (Canada) in Vancouver was established on Jan 9 to formally provide complete RMB cross-border products and services to local customers across Canada.

The announcement was made by Wang Lijun, president and CEO of BOCC, and Teresa Wat, British Columbia's minister of international trade, Asia Pacific strategy and multiculturalism, at the 20th anniversary celebration of the bank's Vancouver branch at the Vancouver Art Gallery.

"We'll centralize all international business of our Canadian branches here in Vancouver because we've got qualified staff and good tax incentives here," Wang said. "Therefore, I believe we can develop our international business here very well."

Wang also emphasized the importance of the renminbi gaining traction as a global currency.

"Besides the RMB offshore center in Toronto, we also have a big advantage to do our RMB business here in Vancouver ­­­­— an international hub," he said.

About 100 political and business figures gathered at the Vancouver Art Gallery on Jan 9 for the anniversary celebration. Among the attendees were Yu Shanjun, chief economic and commercial consul of the Consulate General of China in Vancouver; and Sun Shengjun, president of the Canada China Chamber of Commerce (British Columbia).

Wat called the establishment of the bank's International Business Center "a strong validation of British Columbia and Vancouver as a trading hub for China in the whole of North America".

"China's economy continues to grow, and as the yuan become an increasingly powerful currency, we anticipate that our exports and connection with China will continue to grow," Wat said, before presenting a letter of appreciation for BOCC's contributions to the Vancouver-area economy.

Yu acknowledged BOCC's role in "the facilitation of bilateral trade and two-way investment between China and Canada".

Yu said that with the establishment of the renminbi offshore center in Toronto and the business center in Vancouver, the business capacity of the BOC will be further enhanced.

The BOCC's Vancouver branch opened in 1995, following the first Canadian branch in Toronto in 1994. The bank now has 11 branches across Canada, three in the Greater Vancouver area.