FINANCIAL TIMES: Ministers from the world’s leading economies were locked in debate on Saturday over an American proposal aimed at defusing rising global tensions over exchange rate policy, with the US claiming that it was overcoming resistance.
During an all-night meeting in South Korea of finance ministers from the G20 group of countries, the US called on nations to cap current account surpluses at an unspecified share of national income, a new tactic to encourage faster appreciation in the Chinese renminbi.
Ahead of the meeting, the plan was criticised by Japan and Germany, with China yet formally to respond. But US officials claimed on Saturday that the plan was making progress during the talks… (more)
