Canada Holds Key Interest Rate Unchanged At 1%
October 19th, 2010 Posted in What's HappeningWhat’s Happening – October 19, 2010 Edition
Bank of Canada Keeps The Overnight Rate Steady At 1% – After increasing key interest rate consecutively 3 times, 25 basis points each time, from 0.25% to 1.00%, Bank of Canada decided to leave interest rate unchanged at 1%.
The central Bank also revised economic growth rate this year to 3.0% (from 3.5%) and next year to 2.3% (from 2.9%). Growth in 2012 was revised upward to 2.6% (from 2.2%). Today’s announcement made Canadian dollar dropped roughly 2 cents and Toronto Stock Exchange S&P/TSX Composite Index lost 97.5 points.
China’s Interest Rate Hike Caused Global Chaos – China’s surprise interest rate hike, for the first time since 2007, created global chaos, and tanked stock markets across the globe. To curb inflation and real estate bubble, China’s central bank will raise one-year lending rate to 5.56% (from 5.31%) and one-year deposit rate to 2.5% (from 2.25%) starting Wednesday.
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