Group of 7 Chides China on Currency – Rueters

From the New York Times (link)

Finance chiefs from the world’s most powerful nations on Friday singled out China as a country that needs to pursue more exchange rate flexibility to help restore balance in the global economy.

In a final communiqué and in a separate one-page annex, the finance ministers and central bankers from the Group of 7 turned up the heat on Beijing to let its currency, the yuan, rise.

“In emerging Asia, particularly China, greater flexibility is critical to allow necessary appreciations, as is strengthening domestic demand, lessening reliance on export-led growth strategies, and actions to strengthen financial sectors,” the officials said in the annex on how to solve dangerous global trade distortions.

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