The G20 Finance Ministers' Meeting Held &Nbsp To Resolve The Economic Imbalance And Exchange Rate Dispute.

Group of twenty (G20) Vice Minister of Finance and vice president of the central bank meeting In October 21st, held in Qingdao, South Korea, the participants held final coordination on exchange rate disputes, and strive to narrow their differences, and set up a discussion foundation for the G20 finance ministers and central bank governors meeting on 22 and 23 days. The United States appeals. Exchange rate problem It should be the core issue of G20's Qingzhou conference. G20 and even the world should agree on the guidelines for establishing exchange rate policies. On the 20 day, the draft communiqu issued by G20 Member States claimed that G20 economies would avoid competing to devalue their currencies. The EU insists that all major economies should solve the global problem. Economic imbalance Efforts were made to solve the problem.

G20 Qingzhou series conference aims to prepare for the from November 11th to 12th G20 summit in Seoul, South Korea. The 22 day meeting will focus on the risk factors in the world economy, such as exchange rate conflicts, fiscal integrity, capital inflow into emerging economies, etc. on the 23 day, we will discuss the reform of the voting rights of the International Monetary Fund (IMF), the establishment of a global financial safety network, the establishment of a strong and sustainable and balanced economic growth framework, financial regulation reform and energy issues.

Us seeks unified exchange rate policy

The draft communiqu tion shows that G20 will turn to a more market-oriented exchange rate regime and will not encourage countries to intervene in the foreign exchange market. However, the draft also said that G20 should minimize the adverse effects of excessive exchange rate and disorderly fluctuations.

Geithner, US Treasury Secretary, said on 20 th: "the world urgently needs to reach agreement on the exchange rate policy guidelines and hope that all countries will formulate a set of unified exchange rate policy norms."

It is reported that the United States will continue to exert pressure on the RMB at the G20 meeting. Geithner hopes to get support from all sides at the G20 conference, thereby promoting the appreciation of the renminbi. On the question of how much Renminbi should be revalued, Geithner said: "compared with other emerging countries, the renminbi is undervalued to a certain extent and should be further appreciated."

A senior U. S. Treasury official said on the 20 day that the conflict between countries in exchange rate policy has been increasing. Some countries' exchange rate policies have prevented the appreciation of local currencies. G20 must solve these problems by adjusting the exchange rate and the current account balance in an orderly way, and said that IMF should play a major role in it.

Bank of England governor King said 20 days, if countries can not reach a consensus on the issue of exchange rate, it is possible to trigger a trade war on a global scale. Canadian central bank governor Carney said on the same day that the exchange rate dispute will hit the already fragile global economic recovery.

Japanese finance minister Yoshihiko Noda said on the 21 day that the G20 Qingzhou conference will continue the keynote of "improving the exchange rate flexibility of all countries, especially developing countries", set by the Toronto summit in June. However, Japan's finance ministry will continue to take decisive measures such as intervening in the foreign exchange market to prevent excessive fluctuations in the yen.

Analysts pointed out that because of the different views on the exchange rate issues, the parties concerned may not be able to reach an agreement on this issue. {page_break}

　　 EU calls for solutions to global economic imbalances

European Commission Chairman Barroso said 20 days that the EU will put forward five proposals at the G20 summit, namely, achieving global economic balance, reforming international financial institutions, strengthening international financial supervision, helping developing countries' economic development and promoting the Doha round of trade negotiations.

In a document submitted to the G20 conference, the European Union said that the imbalance of Global trade and savings has increased again, and timely corrective measures should be taken to rebalance the economic growth of other countries. Otherwise, it may cause major problems to the global economy and lead to a higher risk of protectionism.

King also said that at present, there are "direct conflicts" between the major economies of the world in terms of their economic policies. They need to reach a "big compromise" and take collective action to restore the balance of the global economy. He pointed out that if governments fail to find a common foundation, they will face risks such as trade barriers and weak global economic growth.

In addition, in terms of the reform of international financial institutions, Barroso said that the current IMF reform has been delayed. The EU is willing to give up its two seats in the Executive Board of IMF and rotate its value with emerging economies, hoping that other members will take corresponding actions.

Barroso also hoped that G20 could further strengthen global financial regulation reform. Barroso said that at the global level, the EU will continue to levy a financial transaction tax on every transaction carried out by financial institutions. At the same time, it will also consider the Levy of financial activities tax on the profits and wages of financial institutions in the EU.

The chairman of the group of twenty meeting, Yin Zengxuan, Minister of finance of South Korea, was interviewed by the media.