G20 Central Bank And Finance Ministers' Meeting Opened &Nbsp; The First Day Will Focus On Exchange Rate Issues.

Yin Zengxuan, chief financial officer of Korea planning, 22, in twenty country group (G20) meetings of finance ministers and central bank governors The opening ceremony said that in view of the importance of the exchange rate issue, the agenda for the first day of the conference was changed with emphasis. Negotiating exchange rate The problem.

The two day G20 finance ministers and central bank governors' meeting opened in South Korea in the afternoon, focusing on the exchange rate, the global economic imbalance, and building a global financial security network and other issues for the final coordination before the G20 summit in Seoul.

According to South Korean officials, South Korea is doing its best to mediate the G20 member's acceptance of a less controversial solution, which is aimed at reducing the current account surplus of Member States by quantifying the divergence of the G7.

Exchange rate is the core issue.

The conference has five main topics, including the world economic trends and prospects, strong and sustainable and balanced growth frameworks, IMF reform and construction of global financial safety network, financial regulatory reform, energy and other issues of common concern to all participants. The heads of finance ministers and central bank members of G20, as well as international organizations such as IMF, the world bank, the organization for economic cooperation and development and the financial stability Commission, went to Qingzhou.

On the 22 day, the G20 finance ministers' meeting entered the first agenda. South Korean President Lee Myung-bak called on all parties to work hard to reach an agreement to pave the way for next month's G20 summit in Seoul.

Yin Zengxuan said that there is only three weeks left from the G20 summit in Seoul. In order for the summit to succeed, the G20 finance ministers and central bank governors' meetings must reach a consensus on the core issues, including exchange rate. He said, "if the exchange rate problem is not satisfactorily resolved, the Seoul summit will be difficult to achieve results, and then it is difficult to promote sustainable and balanced growth in the world." To this end, the agenda of the third agenda, the "strong, sustainable and balanced growth framework", was advanced in conjunction with the first agenda, and the second agenda for IMF reform will be postponed to 23.

According to the meeting arrangements, 23 morning, the parties will focus on IMF reform and construction of the global financial safety network and other issues will be discussed in the afternoon. Financial supervision reform And focus on financial vulnerable groups and energy issues. The conference plans to issue a joint communique on 23. {page_break}

Han Litui's current account balance program

South Korean officials say the country is trying to get G20 members to agree to set specific quantitative targets to reduce the size of current account surpluses and deficits in order to alleviate global economic imbalances.

South Korea hopes that the goal of reducing the current account imbalances can coordinate the differences between China and the US over the past few months on exchange rate issues.

The South Korean official pointed out that focusing on current account balance rather than against the positive exchange rate would help solve the problem.

Earlier, US Treasury Secretary Geithner proposed that member states limit their current account surpluses or deficits to the percentage of gross domestic product (GDP), and plan to control this share to less than 4%.

Canadian Finance Minister Fehaiti said 22 days to support the implementation of the above plan. Fei Hai Ti said that the current account balance is an effective means to maintain a durable, effective and balanced development of the G20 framework. However, Fei Hai Ti also said that the G20 finance ministers' meeting could not be reached. The French government also issued a document notice 22 that the balance of the current account scheme helps ease the tension of the exchange rate dispute, but the implementation of the plan is very complicated.

Japan and Germany are firmly opposed to this plan, both of which have large current account surpluses. India also does not agree with the proposal to set quantitative goals for current account surpluses. It considers that the current account deficit is artificially linked to GDP and is not effective.