Financial Post | Business

OTTAWA — Bank of Canada governor Mark Carney is warning the Canadian economy would be damaged by a global currency war and that it would do little good to join the manipulators in trying to boost exports.

The outgoing bank governor was speaking to a Canadian parliamentary committee Tuesday after he and Finance Minister Jim Flaherty signed a Group of Seven statement denouncing exchange rate manipulation.

The statement issued in advance of the G20 meeting in Moscow later this week urges nations to set monetary policy to suit domestic conditions, not in an effort to lower the level of their currencies and gain a competitive advantage in export markets.

The statement appeared aimed at Japan, the world’s third largest economy, which set in motion a series of policy actions that have contributed to a 15 per cent devaluation in the yen against the U.S. dollar over the past three months…

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