Voyageur 138
Foreign Buyers Pile Into Canada Bonds, and B.C. Heads Back to China.
News for residents of the “11th province”: Canadians abroad.
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Foreign Buyers Pile Into Canada Bonds
Foreign investors bought $27.7 billion in Government of Canada bonds in April, the biggest monthly haul ever seen. Their share of federal bonds outstanding also rose to a record 43 percent.
The buyers of this Canadian debt include pension funds, insurers and hedge funds that are looking for a safe place to park their money while Ottawa tries to pay for a long list of Carney-era projects. It’s good news for the country because strong demand for Canadian debt helps keep borrowing costs lower than they might be otherwise. This matters very much when the federal government is trying to build, spend and reassure markets at the same time.
The world’s appetite for Canadian debt is part of the machinery behind the exchange rate, bond yields, mortgage costs and the value of Canadian savings that are held by Canadians onshore and overseas. Canada is borrowing from the world - it appear to be good news that the world is buying.
Read more: BNN Bloomberg
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A photo from the old country:
B.C. Heads Back to China
B.C. Premier David Eby is in China this week, with planned stops in Beijing, Shanghai and Guangzhou before his trip wraps up on Friday. The pitch is for more sales of wood, agriculture, tourism and energy, with LNG doing a lot of the heavy lifting.
China is British Columbia's second-largest export market, and the province says the trip fits its plan to double exports to non-U.S. markets over the next decade. Destination BC is also along for the ride, talking to Air Canada, China Eastern and travel firms as Chinese visits to B.C. are expected to climb by nearly a fifth this year. A heady pace.
The trip is going to have an impact beyond Victoria because it’s a very visible example of how one province is working to build a trade and travel map that doesn’t run through Washington. For Canadians in Asia, it’s nice to see the old country is once again spending more time looking east west (you get the point!).
Read more: Destination BC / CBC News