In doing so, I hope that I can provide some insights that may prove useful as China makes its own important decisions about its exchange rate and monetary policy regimes. Canada’s experience is interesting and potentially insightful for two important reasons. First, Canada has more experience with a flexible exchange rate than almost any other country.
As the 3/8  BIS central bankers' speeches  scope for further interest rate cuts was now limited, it became increasingly clear that our reaction function needed to evolve to address these new challenges.