G7 Countries Agreed To Push For Appreciation Of The Renminbi.

2010/10/9 16:59:00 55

According to Japan's Kyodo news on October 9th,

Seven western countries (G7)

Finance ministers and central bank governors met in Washington on the evening of 8 local time.

The meeting reached a consensus that cooperation would be avoided to avoid competitive devaluation by countries in order to maintain export stimulus.

Japanese finance minister Yoshihiko Noda said in an interview after the meeting: "the outcome of the conference is reaffirmed the principle that the excessive and unordered fluctuation of foreign exchange rate will cause bad effects on the global economy."

The seven countries also have

Urge

China's improvement

RMB rate

Agreement was reached.

When asked about the issue of competitive devaluation, Noda said "no comment".

Noda stressed that he made a clear statement on Japan's intervention in the foreign exchange market at the meeting, saying that the intervention was not aimed at maintaining the yen exchange rate at a certain level and would not be implemented in a long-term and large-scale manner.