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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

Dec 19 4:00 PM EST

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To: Crimson Ghost who wrote (39681)	8/27/1999 12:47:00 PM
From: Alex	Read Replies (2) of 116816

G-7 finance ministers" deputies to mull forex issue <Picture> WASHINGTON, Aug. 27 (Kyodo) -- The Group of Seven (G-7) industrial nations will hold a meeting of senior officials early next week in Berlin to prepare for a meeting of top G-7 finance officials in late September, an international monetary source said Friday. A focal point at the meeting of deputies of G-7 finance ministers and central bank chiefs is expected to be developments in the currency markets, the source said. Since June, Japan has intervened several times in currency markets to stem the yen"s rapid rise against the dollar. A stronger yen could delay economic recovery in Japan by making its products more expensive abroad and reducing the yen value of overseas corporate profits. The United States, while maintaining a strong-dollar policy, has opposed such intervention. The source said the Berlin meeting will also deal with the proposed sale of gold held by the International Monetary Fund (IMF) to help finance a reduction of poor countries" debt and allegations that IMF loans to Russia were caught up in a moneylaundering scheme. Based on the Berlin discussions, G-7 finance ministers and central bank governors will discuss international financial issues at their meeting Sept. 25 in Washington.

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