Canada, has, so far, come through the recent bout of market turmoil reasonably well, says Pierre Duguay, the deputy governor of the Bank of Canada.

Duguay said on Tuesday: "There has been some tightening of credit conditions, but it appears that Canadian companies and Canadian banks are in a strong position to withstand the turmoil."

However, he added that Canada's relative strength was a poor excuse for complacency: "There are important lessons to be learned in terms of how we can continue to