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Royal Bank of Canada
Symbol RY
Shares Issued 1,441,532,106
Close 2014-09-16 C$ 82.30
Market Cap C$ 118,638,092,324
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Globe says TD, rivals hear BOC likes a floating loonie

2014-09-17 06:48 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Wednesday, Sept. 17, edition that Bank of Canada Governor Stephen Poloz says manipulating the loonie is not in his playbook. The Globe's Barrie McKenna writes that Mr. Poloz says any efforts to orchestrate currency devaluation would destabilize the Canadian economy. Mr. Poloz wants to quash persistent speculation he has been trying to drive the currency lower to spur exports. Mr. Poloz says central bankers cannot set their own interest-rate course if they are simultaneously trying to steer the value of the dollar. Mr. Poloz says: "In short, I believe in markets. Manipulating or trying to guide them is just not in our game plan." Mr. Poloz says the BOC neither intervenes in currency markets nor engages in "verbal guidance" to steer the dollar, which has fallen nearly eight U.S. cents to about the 90-U.S.-cent level since he took over the central bank. On Tuesday the loonie topped 91 U.S. cents. Mr. Poloz says: "Trying to control the loonie is off the table. ... A floating loon is a thing of beauty, and so is a floating loonie." The Globe says most economists expect the BOC to start raising its key overnight interest in mid-to-late 2015.

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