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G20 moves to prevent currency war

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by Kay Mitchell

A gathering of finance ministers and central bankers in Gyeongju, South Korea, has taken place this weekend and high on the agenda was the threat of a currency war.

The currency issue was left unresolved earlier this month after the International Monetary Fund (IMF) and World Bank annual meeting in Washington failed to reach an agreement.

Some Governments have been accused of manipulating their currencies in order to boost exports.

China, in particular, has been under pressure to revalue its currency, the yuan. The US continues to express dissatisfaction that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors.

However, China has previously said it will not bow to pressure and believes it to be an internal matter.

Mr Geithner is due to visit China for talks with Vice Premier, Wang Qishan, to discuss tense relations between the two.

Meanwhile, this weekend’s G20 gathering established an agreement to strengthen the IMF’s role, suggesting it should monitor budgets, financial regulation and foreign exchange policies.

Finally, the group of G20 nations, which accounts for about 85% of the global economy, stated it will “move towards more market-determined exchange rate systems” and “refrain from competitive devaluation of currencies.”

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News posted: October 24, 2010

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