From MarketWatch (link)
Finance ministers and central bank governors from the world’s seven richest nations urged China on Friday to promote greater flexibility in the value of its currency as part of a coordinated strategy for “global economic adjustment.”
All the officials agreed that their own countries need to take “vigorous action to address imbalances.” The adjustment would be a “shared responsibility” and must be done in a way that maximizes growth, they said.
“Greater exchange rate flexibility is desirable in emerging economies with large current account surpluses, especially China, for necessary adjustments to occur,” said a statement issued by the Group of Seven leading industrial nations after an afternoon meeting. Read the G7 statement.
