stephen s poloz : unveiling of new $ 10 note remarks by mr stephen s poloz, governor of the bank of canada, at the unveiling of the new $ 10 note, halifax, nova scotia, 8 march 2018. * * * it is the bank of canada ’ s job to design, produce and distribute bank notes that canadians can use with confidence and pride. bank notes are designed to be not only secure and durable, but also works of art that tell the stories of canada. i am confident that you will agree that this new $ 10 note fits the bill. trust is vital to everything we do as canada ’ s central bank. and the most tangible way we earn canadians ’ trust is by supplying the highest quality bank notes. you handle them every day, trusting that they are durable, safe and easy to use. even though people have more ways than ever to make electronic payments, the number of bank notes in circulation continues to climb. and thanks to past innovations, such as the introduction of polymer, counterfeiting rates remain low, and our bank notes last longer and wear better. but at the bank of canada, we continually strive to innovate and improve. i am immensely proud to say that a great deal of innovation went into the note you are about to see. for starters, there was the question of whose portrait would appear on the front. both the minister of finance and i agreed that it was long past time for a bank note to feature an iconic canadian woman. that has been a goal of mine since i became governor. but with so many excellent choices, we took a new approach to involve canadians directly in the decision - making process. and boy, did canadians get involved. we received over 26, 000 nominations from coast to coast to coast. a great national conversation took place — in schools, in the press, and in social media — about the important contributions so many iconic women have made to our history. i thank all canadians for their engagement — it made the journey to develop this bank note truly unique. i would also like to give a special thanks to the independent advisory council that we set up to help us narrow down the nominations. this eminent group of academics, as well as sports, culture and other thought leaders, were invaluable throughout this process. several of them are here with us today — so thank you once again. as you know, nova scotian viola desmond was ultimately chosen to appear on the new note.

in the us and eu financial markets as trading moves to electronic platforms. 23. in asia, there is room for our financial markets to embrace greater “ electronification ” of trading, notwithstanding our smaller markets. to illustrate, an estimated 80 % of trades are bis central bankers ’ speeches executed in electronic platforms in developed country fx markets, whereas 85 % of fx trades in asia are still executed by voice. a reduction in transaction costs can promote greater liquidity for asian asset classes, and broaden participation from investors including retail traders. iii. growing regional and international role of the rmb 24. let me go on to the third theme i wanted to talk about, which is that of rmb internationalisation, and how this will shape asia ’ s financial markets development. 25. the status quo will not last. currently, only 0. 6 % of global payments are settled in rmb, vastly below china ’ s share of global trade ( 10 % ) or investment flows. there is clearly room for growth. 26. in the long run, if we envisage china with deep and liquid capital markets, and a largely liberalised capital account, the rmb market will potentially play a transformational role in asian finance. for now, even with limited convertibility, there is considerable potential for greater use of the rmb. the economic fundamentals are driving this. besides china ’ s growing share of global trade, there is a rapidly growing trade between china and the rest of the asian region, and especially asean. further, china ’ s foreign direct investments are expanding strongly, especially into asian markets. outbound foreign direct investment ( fdi ) from china has increased almost seven - fold in the last seven years ( to us $ 77 billion in 20123 ), and is expected to expand further in the coming decade. a growing part of this fdi is expected to be rmb - denominated, and this too will contribute to greater offshore use of the rmb. 27. the overseas expansion of chinese corporates will be reinforced by the growing presence of mainland chinese banks as they grow their regional and international presence. in singapore, we extended qualifying full bank ( qfb ) privileges to bank of china and icbc as part of the china - singapore fta. both banks are growing their singapore operations as southeast asian hubs. we are also seeing interest from other chinese financial institutions. 28. the re - denomination of china ’ s trading flows in rmb will allow asian corporate and