Mark Carney, the governor of the Bank of Canada, added to growing criticism of China's fixed currency regime, and cautioned that it could lead to protectionist tendencies in a speech in New York last Thursday.

"China's managed exchange-rate regime today is distinct from the market-based floating rates of other major economies. History shows that systems dominated by fixed or pegged exchange rates seldom cope well with major structural shocks," he said.

"In the current environment, growing