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G7 likely to talk China FX
G7 officials meet next week in Washington, and Canada's finance minister expects Chinese currency system reform to be an issue.
Canadian Finance Minister Jim Flaherty, in an interview with Reuters in Tokyo, says there's no disagreement with Beijing over the need for forex action just the place.
Dan Sloan reports.
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Top officials from the world's leading economies meet next week in Washington. The Canadian Finance Minister Jim Flaherty expects Chinese currency reform to be an issue. Flaherty, in an interview with Reuters in Tokyo, says there's not disagreement with Beijing over the need for forex action ,just the pace.
“We have been clear with China and I was clear when I was there in January with their minister and their officials about the fact that we think - as the G7 does generally, that they should be more flexible more quickly and their, their answer usually is- they will be more flexible less quickly.”
China has allowed its currency to strengthen since dropping the dollar peg in July 2005, but the pace of appreciation has not satisfied some of its trading partners with billions of dollars in balance-of-payment deficits
The nations say the imbalance is the result of not allowing the yuan to trade freely. Also in focus have been Chinese capital markets after a share slide in Shanghai that preceded a global market tumble a little over a month ago. Flaherty says liberalizing share trading in China would add overall stability.
“I was at the Shanghai Exchange in January. As you know there are a lot of restrictions in terms of who can participate in that exchange. We're in favor of more participation over a long period of time and we think that will provide more stability in financial markets.”
China pledged this week to promote greater currency flexibility, using a mix of tools to keep money and credit growth in check as well as address its balance-of-payment surplus. The yuan has gained nearly 5% since its revaluation, but critics, particularly the U.S. government, have launched a series of trade policy actions to counter what they say as an unfair competitive edge for Chinese exporters.
Dan Sloan, Reuters, Tokyo.
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