Forex controls hurt countries that play by rules-Bank of Canada
OTTAWA, April 2
OTTAWA, April 2 (Reuters) - Small, open economies with flexible currencies feel the pressure from other economies that break the global rules to intervene in foreign exchange markets, a senior Bank of Canada official said on Tuesday.
In a slide show presentation posted on the central bank's website, Deputy Governor John Murray said exchange rate adjustment by large, emerging economies is an important part of the solution to global imbalances and delays in making these adjustments hurt countries like Canada, which has a non-interventionist policy.
"Pressures from those who break the rules are displaced onto more flexible currencies," the presentation said. One slide showed a chart showing the real effective exchange rates of China, Brazil and Canada.
- Tesla says in talks with BMW over car batteries, parts
- Exclusive: China ready to cut rates again on fears of deflation - sources
- Actor Dwight Henry eyed in New Orleans killing after arrest for theft
- China building South China Sea island big enough for airstrip: report
- Suicide bomber kills 45 at volleyball match in Afghanistan
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video