If you are one those haters skeptical of Canada’s export potential, the central bank drawn something it wants you to see: Chart 6 in its July 2016 Monetary Policy Report.
“We have a great chart in the MPR that shows that non-commodity exports have recovered almost to their pre-recession peak, which puts the recent volatility into proper perspective,” Senior Deputy Governor Carolyn Wilkins said in her opening statement at the press conference the Bank of Canada held after it released the latest Monetary Policy Report (MPR) on July 13. “The trendline is better explained by that Chart 6 that Carolyn mentioned in her opening remarks, which shows that the export recovery is alive and well,” said Governor Stephen Poloz. When he was asked a second time to explain his faith in the export recovery, Poloz responded with sardonic disbelief. “You’ve seen Chart 6 in the MPR?” It was a rhetorical question.
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