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Strategies & Market Trends : Currents of Currency

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From: Ahda	2/18/2011 12:00:21 PM
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On Friday February 18, 2011, 10:03 am ESTBy Toni Vorobyova and Gernot Heller PARIS (Reuters) - China rejected plans to use real exchange rates and currency reserves to measures global economic imbalances, casting doubt on the ability of Group of 20 major economic powers to reach agreement at a meeting on Friday. Speaking shortly before the start of the two-day meeting of finance ministers and central bankers, Chinese Finance Minister Xie Xuren also said the G20 should use trade figures rather than current account balances to assess economic distortions. >> This would be really interesting export and import the plus and minus of the account.<< "We think it is not appropriate to use real effective exchange rates and reserves," Xie said at a meeting with Russian, Brazilian and Indian counterparts, who collectively make up the BRIC group of major emerging economies. "Emerging markets, to deal with financial crises and economic shocks, they need to set up a certain amount of reserves," he said.

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