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Canada central bank leaves interest rate unchanged

Rob Gillies, Associated Press

TORONTO (AP) -- Canada's central bank is leaving the country's key interest rate unchanged at 1 percent.

New Bank of Canada Governor Stephen Poloz reiterated Wednesday that considerable monetary policy stimulus remains appropriate.

Poloz says the global economy continues to expand, but growth has moderated. Poloz has not strayed from the policies of Mark Carney, who left to become the governor of the Bank of England in July.

Poloz says he intends no changes as long as considerable slack remains in the economy

CIBC World Markets economist Avery Shenfeld says the bank is waiting for substantial proof that growth is accelerating before raising rates. Shenfeld thinks the first hike will occur in early 2015. Canada's central bank hasn't raised the rate since 2010.