Reuters: US Dollar Report: UPDATE 3-HIGHLIGHTS-Bank of Canada's Carney speaks in Toronto

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UPDATE 3-HIGHLIGHTS-Bank of Canada's Carney speaks in Toronto Aug 22nd 2012, 16:28 Wed Aug 22, 2012 12:28pm EDT Aug 22 (Reuters) - Below are quotes from an appearance by Bank of Canada Governor Mark Carney in Toronto: ON RECENT ECONOMIC DATA "The recent data has been soft. ... There's still some slack in the labor market." "This is a message to Canadians: this is not a normal recovery and expansion, it's not a normal cycle. We've got fundamental challenges ... we have to face. This is going to be a long slog." ON COMPANIES PUTTING CASH TO WORK: Shareholders have a role to play here, that if the companies can't determine what to do with a very large cash pile, give it back to the shareholders and they'll figure out what to do with it." ON BUSINESSES BEING CAUTIOUS: "The point we make to Canadian business is having the best financial system in the world is only really of value if also there in the tough times. We expect it to be there if there are tough times. And so the level of caution could be viewed as excessive." ON GLOBAL COORDINATION OF REFERENCE RATES SUCH AS LIBOR: "In terms of where to next on Libor and similar reference rates, there are a number of national processes that have been set up. ... There will need to be international coordination of these. These are rates that ultimately are important for a huge swath of the global financial system and so we will do our best." ON TARGETING LEVELS FOR THE CANADIAN DOLLAR "We don't target, as you know, and it's a matter of some debate, we don't target a specific level for the currency. What is influencing the level of the currency are terms of trade. That is heavily influenced by the level of commodity prices, which have been well above historic averages for a long time and we think that's something that's going to continue for some time because of the growth in emerging markets." ON CANADA AS A SAFE HAVEN, PORTFOLIO FLOWS: "In a very volatile world, very uncertain world, Canada is a viewed as a so-called safe haven. So we have flows into this country, not just a foreign direct investment -- takeovers, but portfolio flows. Capital is looking to come into Canada because of our strengths. And our challenge for those two elements is how to use them to our greatest advantage." Link this Share this Digg this Email Reprints

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