G20 Finance Ministers' Meeting Will Come To An Agreement About Measure Unbalance Index
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G20 finance ministers' meeting will measure unbalance index agreement will measure the imbalance of the G20 index reach agreement, but does not contain the exchange rate
* China's position to exchange and foreign exchange reserves are not listed in index
Reporter Louise Egan/Daniel WangGuanZhong Flynn compiler
Reuters Paris 19 February - global finance major economies on Saturday how to measure global economic imbalances situation to reach an agreement, while in China the request, exchange and foreign exchange reserves did not listed as indicators.
Handle the 20 countries group (G20) conference of the French economy minister pull hyjal, said, this agreement represents towards a better global economic policy cooperation take important step, is expected to help avoid happening again financial crisis.
"This is not a simple one. The interests of all countries have different considerations, but we still reached a compromise, the directors face found the parties think balance and forceful wording." pull hyjal DE in the press conference call.
Finance ministers and central bank President is a series of measures to reach an agreement, including public debt and fiscal deficit, folk deposits and loans, trade balance international payments and other project, such as net investment flows, etc.
But in China's insistence, agreement did not mention essence effective exchange rate or foreign exchange reserves.
"Foreign exchange reserves were excluded," pull hyjal DE acknowledges, and points out that the agreement includes a in the evaluation of the whole into account payments will exchange rate mechanism.
The United States and other western countries accuse China of RMB exchange rate artificially low, to boost exports, thus accumulated the massive foreign exchange reserves, contribute to global economic distortions.
U.S. Treasury secretary cover Turner in lati (after the meeting reiterated that the exchange rate "still was greatly underestimated", although RMB yuan reform since last June since slowly rise, but the essence of the exchange rate did not how many changes.
"There's a consensus is that major economy, not only in Europe, Japan and the United States, still include large emerging countries, all need to allow exchange rates reflect the market situation," he said.
It continued to resist western requirement RMB revaluation sharply in order to assist in global growth rebalanced pressure. China this week surpass Japan to become the world's second-largest economy.
China's trade surplus, and perhaps also recently reduction explain why China preference the index.
Western and Japanese officials said that, even if should Beijing requirements and not mention related words, but these indexes actually covers international payments and foreign exchange reserves. XieXuRen China's finance minister has not commented.
"We need in the communique on some creative phrase, because have countries do not want to use" current-account balance "a word... statement lists the current-account balance of the components of" Japan finance minister wild tian jia "told reporters.
Without clear objectives of * * * *
Pull hyjal, said, these guidelines are not enforced goals, but help draft economic policy cooperation policy to reduce imbalance, and then drive mutual evaluation process.
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2011-02-22 09:48:04 |
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