G20 Exchange Rate Concerns &Nbsp; USD Rebounded On Friday.

Beijing time October 23rd morning news, Friday, investors in

Some analysts pointed out that the conference held in Qingzhou, South Korea is unlikely to reach any substantive agreement, which will help little to ease the growing tension in the foreign exchange market.

At the close of the foreign exchange market, the US dollar index for tracking six major currencies was 77.47 points, or 0.05%.

The index fell to 77.209 points earlier on Friday.

The euro closed at $1.3928, or 0.12%, against the US dollar, which fell by 0.25% against the US dollar at $1.5668.

T.J. Matta, founder and chief strategist of Mata market, pointed out that "except for some commonplace cooperation positions, this G20 conference is unlikely to have any effect.

Although everything is just an attitude, this routine statement should keep other currencies rising and the US dollar will continue to fall. "

It has been reported that in the G20 group finance ministers meeting, the United States and South Korea proposed proposals to limit current account surpluses or deficits within 4% of GDP.

This position has been strongly opposed by the main exporting countries.

Japan's finance minister, Yoshihiko Noda, said earlier Friday that "the idea of setting a quantitative goal is in itself unrealistic."

Jeffrey Yuh, currency analyst at UBS, stressed that the proposal was intended to require export dependent economies to pay more attention to the growth of domestic demand.

Theoretically, this will reduce domestic opposition to currency appreciation.

Geithner, US Treasury Secretary, wrote to the finance minister on Thursday to describe the proposal.

The letter said that all countries should not use currency exchange rate policy to enhance their international competitiveness. At the same time, the exchange rate should reflect more the contrast of economic strength.

Geithner believes that G20 Member States should "commit themselves not to develop exchange rate measures in the form of self depreciation or the free appreciation of undervalued currencies in order to enhance competitiveness."

Ann Lope Chatterjee, Barclays Capital currency analyst, pointed out in his report that worries about competitive currency depreciation and currency wars will continue until after the current round of meetings.

"Any non mandatory agreement will not placate investors' concerns about protectionism in the market."

The dollar's exchange rate is small in a week's range, as the market's stance on the Fed's position and the US economic data reflects the stance of the fed in the future quantitative easing policy.

The euro fell 0.4% this week, up 2.3% this month; the US dollar did not change much against the euro this week, the 2.6% decline since October; the pound fell 2% against the dollar this week and 0.3% since October.