We have not seen the banks—actually either in the United States or in Canada—restrict the availability of credit. The Bank of Canada has estimated that the overall change in credit, particularly the sharp run-up on selected instruments of very short terms is equivalent to about 25 basis points of interest rate tightening. So there is some tightening, but again, relatively small relative to the depth of some of these other problems we've been talking about.
Just on the currency rate, it's absolutely true, the Canadian dollar has gone up more than the trade-weighted U.S. dollar has gone down, and there are two reasons for that. One is the additional lift and just reflecting the mirror image of the U.S. weakness as commodity prices have lifted up certain currencies. Canada, having commodities, has been one of them. The Australian dollar experience has been fairly similar to the Canadian experience because it also has commodities.
The second one just relates back to what I said before. We have huge blocks that are quasi-fixed with the United States, mainly China. It has moved only 9% over the last year and yet it has the biggest trade surplus with the United States. I would argue that for their own purposes they should let their exchange rate appreciate, but if they did, that would take some of the pressure off these free-floating currencies.