OTTAWA, April 2 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
"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.