Carney point finger at China in first speech

Mark Carney, in his first speech as governor of the Bank of Canada, said that China is partly responsible for the subprime disaster that has dragged North America into a slump and disturbed financial markets around the world.

By insisting on fixed exchange rates, China and other emerging markets have become major exporters of capital, "to such an extent that they have been significant drivers of lower global long-term interest rates," Carney asserted.

Low rates made investors search the world

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