G20 summit opens today on the exchange rate differences between countries in the great

G20 summit opens today on the exchange rate differences between countries in the great

2010-11-11 06:00:56 Source: Beijing News
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[Abstract] criticized the Brazilian President Lula said the dollar is the root of all problems, and he went to Seoul to participate in the summit of the Group of Twenty prior to the success of the "combat readiness." "ROK-US Alliance Friendship Association, who have U.S. Secretary of State Hillary Clinton, former Secretary of State Condoleezza Rice and other gifts of Korean names into Chinese were Hanxi Shu, Luo pears show.
10, at the G20 summit venue security tasks before the implementation of security personnel. G20 Summit 11, the fifth summit will be held here.

11 to 12, the world's most important countries on behalf of the Group of Twenty (G20) leaders will gather in Seoul, Korea, held its fifth summit. The summit hopes to imbalances in the global economic recovery to reach a consensus. However, prior to the opening of the summit, countries in the exchange rate differences remain on key issues such as huge.
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Currency rise to a "civil war"

G20 world's major developed and emerging economies, its GDP accounted for 90% of the world's total trade accounted for 80%. The twenty countries also become the world's major force in response to the financial crisis. But this year, bringing the exchange rate of trade disputes also sparked heated debate within the G20: First United States has repeatedly put pressure on RMB appreciation, China triggered violent reaction. Then suddenly the United States announced the long-term treasury bonds to buy 600 billion U.S. dollars, the depreciation of the U.S. printing money even invite widespread criticism of the move, it also raised concerns about the global currency war.

The summit, the exchange rate problem as the parties argue the focus. The summit will be published in order to discuss the "Seoul Declaration", 9, 10 days, G20 delegates on some key issues in a fierce debate, including the exchange rate, economic imbalance and the Federal Reserve's quantitative easing measures, but the meeting and failed to reach a substantive consensus. "So intense discussion, the meeting room became very hot, oxygen, we have left the door open." Summit in Seoul, said spokesman Jin Yunqing 10.

Consultation as the quarrel

It is reported that 9 of the meeting lasted 14 hours, 40 to 50 delegates squeezed into a small conference room. As the discussion heats up over time, there have been representatives raise his voice, especially when it comes to global economic growth, a balanced program, the debate also is heating up.

10-day meeting, the parties, although the financial regulatory reform, global financial security network, development issues, international financial institutions, reform of the basic agreement, but in the exchange rate is still deeply divided on such issues.

Jinyun Qing, said at the conference presentation of the key provisions of the joint statement, the delegates left many gaps, which means that they have not agreed. If necessary, after the opening 11 at the summit talks will continue, "each country stick to their original position."

Yi of trouble discount

Representatives on issues of economic imbalance in a number of specific potential targets, and for avoiding discussion of competitive currency devaluations. It was suggested that a consensus in difficult circumstances, G20 summit can be made to the International Monetary Fund issued guidance policy, the major economies reduce trade imbalances.

After two years of financial crisis, leaders of the Group of 20 hoped that the summit will open a new round of growth in post-crisis era of global cooperation. However, due to uneven global economic recovery, the pace of national economic policies are inconsistent, the G-20 cooperation to withstand the financial crisis of the "friendship of trouble," greatly reduced, there are critics and even so the role of the Group of 20 to question. (Hsieh)

■ Response

Ban Ki-moon: This is the time to unite

Van Rompuy urged to avoid the outbreak of a "currency war"

Permanent President of the Council of Europe, said Herman Van Rompuy 9 countries during the summit in Seoul, only concerned with their short-term interest would be conducive to the challenge, should avoid protectionist measures to prevent the outbreak of "exchange rate war."

Although differences still exist, but it will be before the members of the Group of Twenty in strengthening financial supervision, promoting the reform of the International Monetary Fund and other aspects of basic agreement, a positive outcome for the summit to bring hope.

UN Secretary-General Ban Ki-moon urged the Group of Twenty 10 member countries in the global economy "critical moment" and strengthen cooperation.

"I (countries) differences of opinion on many issues concerned," Ban said at a news conference, "It is time to unite." (Xinhua News Agency Zhuangao)

■ stand

United States "excessive printing money" drawing outrage

German Chancellor accused the U.S. of "short-sighted", the President of Brazil said it had to do "battle ready"

Away from the summit opened a week ago, the Fed plans to buy 600 billion U.S. dollars debt led to the introduction of the parties to criticism. Brazilian President Lula said that before traveling to Seoul, has to do "battle ready."

Economists believe the Fed move will mean printing money by printing U.S. dollars, the dollar continued to depreciate in order to stimulate exports in the short term, its negative impact around the world can not be ignored. German Chancellor Angela Merkel told the media that U.S. policy is to "rely on the exchange rate artificially low to boost exports," and this policy is "short-sighted and will ultimately harm the interests of all."

Brazilian President Lula is criticism that the dollar is the root of all problems, and he went to Seoul to participate in the summit of the Group of Twenty before the success of the "combat readiness."

Euro Group Chairman Juncker also criticized the Fed's policy is not wise, there is suspicion of self-interest. Russian officials said that the Fed's actions could lead to the formation of a new financial bubble, and make the exchange rate imbalance, the Group of Twenty need to stop those who "have the ability to affect the world financial system and the economy of individual countries," the unilateral action.

"The victims of such measures is not the United States, but the emerging economies." Vice Finance Minister Dmitry Pankin Russian said.

For all the resentment, G20 eve of the opening, President Obama G20 leaders in a note to a letter to the Federal Reserve defense. He pointed out that a strong economic recovery, employment, raise incomes and consumption, will be the most important U.S. contribution to global recovery, "the strong dollar is ultimately dependent on the U.S. economy." (Hsieh)

■ Highlights

Han gifts were for Obama, "Wu Han Ma"

In the G20 summit, Obama will get a special gift: a Korean name --- Wu Han horse.

10, South Korean media reported on Obama's visit, specially for the Korea-US Alliance Friendship Society played a Korean name, and plans to name and brand presented to Obama.

Association Xuzhen Xie said that after careful consideration, as Barack Obama played a Korean name "Wu Han horse." Xuzhen Xie said, Obama's first letter "O", pronunciation and Korean in the "Wu" is similar to the first letter of Hussein is the "H", just, and South Korea's "Korean" sounds similar to Obama The third syllable is the "ma", pronounced exactly with the "horse" the same. For the "Wu Han horse" meaning Xuzhen Xie said: "We hope that Wu Han Ma G20 summit in Seoul, led the way, make persistent efforts to promote global economic development."

ROK-US Alliance Friendship Association, who have U.S. Secretary of State Hillary Clinton, former Secretary of State Condoleezza Rice and other gifts of Korean names into Chinese were Hanxi Shu, Luo pears show. (Cases combined) Source: Beijing News
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