HIGHLIGHTS-Speakers at Calgary Spruce Meadows news conference

Sept 10 (BestGrowthStock) – Following are comments made by the head
of Canada’s central bank and other top policymakers at a news
conference held during the Spruce Meadows conference in
Calgary:

BANK OF CANADA GOVERNOR MARK CARNEY:

On China’s shift to a more flexible exchange rate:

“We welcome the determinations just referenced and the
announcement of the Chinese authorities and the point that I
was trying to make in the speech was that greater flexibility
in major currencies is necessary but it’s not sufficient. It’s
really a constellation of policies.”

On business investment:

“We’re starting to see the turn in business investment in
Canada. It started in the second quarter. A number of survey
and other indicators suggest that that momentum will continue
into the third quarter.”

On Fed policy and implications for Canada:

“Any future decisions that the Federal Reserve takes is
going to be consistent with achieving their dual mandate on
inflation and employment, and so there’s some real fundamental
factors that will be relevant there. And if the United States
economy slows further it will have direct implications
obviously for Canada and it’s through that channel that the
implications are for Canadian monetary policy … we deal with
our circumstances. The United States is an important imput to
that. And we’re disciplined by having to achieve that inflation
target.

PAUL VOLCKER, FORMER CHAIRMAN OF U.S. FEDERAL RESERVE AND
CHAIRMAN OF PRESIDENT OBAMA’S ECONOMIC RECOVERY ADVISORY BOARD

On business investment:

“This is a very tough economic environment for private
business to take the lead frankly. There’s a lot of excess
capacity, a lot of uncertainty.”

ZHU MIN, INTERNATIONAL MONETARY FUND SPECIAL ADVISOR AND
FORMER DEPUTY GOVERNOR OF THE PEOPLE’S BANK OF CHINA

On China’s exchange rate policy:

“China is moving towards a more flexible exchange rate
regime. It’s obviously important for China … but it’s also
good for the global economy as well.”

“I think the Chinese government is very much determined to
move the exchange rates to a more flexible, more market-driven
exchange rate regime. And we at the (International Monetary)
Fund support the government policy.”

“But obviously we understand the China exchange rate change
will not have a sort of huge impact on the global imbalance. It
will not solve this imbalancing issue.”

“The Chinese government is moving. And the Fund supports
their moving.”

(Reporting by Jeffrey Hodgson and Scott Haggett in
Calgary)

HIGHLIGHTS-Speakers at Calgary Spruce Meadows news conference