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On The First Day Of The G20 Summit, There Were Serious Discussions On &Nbsp, Exchange Rate And Other Issues.

2010/11/12 14:33:00 50

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The summit of the group of twenty (G20) was held in Seoul, South Korea on 11 July. The leaders of the meeting still had serious differences on the first day of the summit.

Experts here say that the policy of self-interest in the United States is difficult for the summit to reach a consensus.

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Zhang Bin, an expert in the world economic and Political Research Institute of the Chinese Academy of Social Sciences, told an interview with China news agency that Geithner, the US Treasury Secretary, recently proposed the restriction of the current account and the two round of quantitative easing policy implemented by the Federal Reserve. It is a manifestation of "no cooperation" with the G20 summit in Seoul, and is also the main focus of this summit.

Zhang Bin said that the economic environment of different countries is different. The current limits set by the United States and the two round of quantitative easing policy have different starting points, but the effect is identical, all in order to stimulate the US economy.

Rate of employment

。

US Treasury Secretary Geithner proposed that "current account limits" - current account surplus or deficit should not exceed 4% of gross domestic product (GDP), and the Federal Reserve announced on the 6 day the two round of quantitative easing policy the US Federal Reserve will buy US $600 billion US Treasury bonds, which are two.

Egoistic policy

"Attracted the opposition of most G20 members.

Zhang Bin believes that the Fed injected $600 billion to lower long-term interest rates and stimulate more short-term investments, thereby creating more job opportunities.

At the same time, the exchange rate of the US dollar will also be lower, and it will gain greater competitiveness in exports, stimulate exports and increase employment.

However, the two policy of the United States to promote economic growth is at the expense of other countries' interests.

Some experts point out that the injection of US $600 billion is actually a devaluation of the US dollar, thereby diluting the assets of the US dollar as a foreign exchange reserve country, and causing a lot of hot money to generate. It is likely to flow into emerging countries to form asset bubbles and cause inflation.

Zhang Bin said that if the G20 summit finally failed to reach an agreement on these issues, the possibility of trade protectionism would increase. At present, it is very difficult to reach agreement on these two issues in the short term.