The Bank of Canada cut its main interest rate to a record low on Tuesday and signaled for the first time that it may take extra steps to pump money into a system that remains stubbornly short of credit.

The central bank reduced its key overnight rate by a half point to 0.5 percent, as expected, for a cumulative reduction of 400 basis points since December 2007.

Somewhat surprisingly, however, the Reserve Bank of Australia left interest rates unchanged. From Bloomberg on Tuesday:

The nation’s currency surged after Governor Glenn Stevens kept the overnight cash rate target at 3.25 percent in Sydney today…

“The Australian economy has not experienced the sort of large contraction seen elsewhere,” Stevens said in a statement. The bank’s rate cuts and government spending will provide “significant support” to the economy, he said.

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