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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (15073)11/8/2004 12:12:46 AM
From: RealMuLan  Read Replies (1) of 116555
 
Bank of Canada's Dodge Comments on Global Imbalances, China
Nov. 7 (Bloomberg) -- Bank of Canada Governor David Dodge comments on global economic imbalances and on the Chinese central bank's decision to raise interest rates for the first time in nine years.

He spoke to reporters in Basel, Switzerland, before a meeting tomorrow of central bank governors from the Group of 10 countries.

On the U.S. current account deficit:

``At some time, imbalances of that magnitude cannot continue forever.''

On the rate increase in China:

``Was I pleased to see the Chinese authorities finally act on interest rates'' rather than use administrative measures? ``Absolutely.''

``It's fair to say that all of us in Europe and North America for sure have argued that the interest rate, the price mechanism, is a good thing.''

An interest rate move was ``preferable to using administrative mechanisms exclusively.''

On the Canadian dollar:

``We have no target for the dollar.''

On Canada's economy:

``Exports have strengthened and even though domestic demand was strong, net exports have made a major contribution to growth.''

``We've seen major strengthening in commodity prices and reasonably good growth in our markets.''

On the global economy:

``I'm sure that 2004 turned out to be better for the global economy than we thought.''


To contact the reporter on this story:
Christian Baumgaertel in Frankfurt at cbaumgaertel@bloomberg.net.

To contact the editor of this story:
Heather Harris at hharris@bloomberg.net.
Chris Kirkham at ckirkham@bloomberg.net.
Last Updated: November 7, 2004 15:44 EST
bloomberg.com
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