Bloomberg BusinessWeek piece.
The "China club" of countries whose economies are increasingly driven by China's demand for raw materials are Australia, Brazil, Malaysia and Peru. All have been forced to raise interest rates to tamp down hot growth caused by China.
Now experts expect Canada to join that club and raise rates instead of doing the usual, which is to follow our Fed's lead. Canada feels forced to because of the growth created by China, India, Korea and other Asian economies' demand for minerals and energy and food.
Scary for some to think Canada no longer takes it cues from us, but great for anybody who wanted pillars of demand outside of the US consumer, because while that worked wonders for two decades following the fall of the Berlin Wall--fueling the rise of hundreds of millions of people out of poverty in Asia, now it's Asia's turn to help out.
So this is good, but new and therefore disturbing to many.