G-20 Leaders Not Inclined to Compromise
The Los Angeles Times reports that there was no resolution made for a compromise on global trade imbalances at the Group of 20 summit:
Leaders of the world’s biggest economies showed that they were in no mood to compromise during the two-day summit. Instead, they were headed toward broad, general pledges that did little to mask their inability to find common ground for immediate action.
That failure to find consensus among the Group of 20 nations — a self-appointed steering committee of the global economy — raised the specter of countries pursuing their own interests at the expense of coordinated and balanced global growth.
U.S. President Barack Obama commented on China’s currency valuation. From Telegraph:
The summit in South Korea ended as it had begun, dominated by the row over gaps and surpluses which sees China accused of keeping the yuan artificially low to boost its exports at the expense of US jobs.
“It (the yuan) is undervalued and China spends enormous amounts of money intervening in the market to keep it undervalued,” Mr Obama said, adding that China must transition to a market-based system.
“No nation should assume that their path to prosperity is paved simply with exports to the US,” he added.