G20 moves to defuse tensions over currencies

first_img G20 leaders drew a veil over their economic policy disputes, agreeing to tackle tensions that have raised the spectre of currency wars and giving the nod to countries that have seen huge capital inflows to impose controls.The developed and emerging nations agreed at a summit in Seoul to set vague “indicative guidelines” measuring imbalances between their multi-speed economies but calling a timeout to let tempers cool – left the details to be discussed in the first half of next year.In the final statement of the summit, the group’s fifth since the financial crisis exploded in 2008, the leaders vowed to move towards market-determined exchange rates and shun competitive devaluations.They also agreed that there was a critical, but narrow, window of opportunity to conclude the long-elusive Doha round of trade liberalisation talks launched in 2001.After weeks of verbal jousting, the United States and China sought to bury the hatchet over Beijing’s currency, which Washington says is undervalued, and global risks stoked by the U.S. Federal Reserve printing money to rev up its struggling economy.“Exchange rates must reflect economic realities… Emerging economies need to allow for currencies that are market driven,” U.S. President Barack Obama told a news conference after the communique was agreed.“This is something that I raised with President Hu of China and we will closely watch the appreciation of China’s currency.”The G20’s accord sought to recapture the unity that was forged in crisis two years ago, but deep divides meant the leaders could not venture much beyond what was already agreed by their finance ministers last month.Negotiators had laboured until the early hours of the morning to thrash out an agreement their leaders could all endorse, despite sharp disagreements that were on public display in the days before the meeting.In a departure from earlier statements, the G20 said it would allow emerging market countries with “adequate reserves and increasingly overvalued flexible exchange rates” to use “carefully designed macro-prudential measures.” Tags: NULL More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory Share whatsappcenter_img Show Comments ▼ John Dunne Friday 12 November 2010 3:58 am G20 moves to defuse tensions over currencies whatsapplast_img