• The Political Commentator
The topic ... is the global economy going up down or sideways, can 20 nations with conflicting agendas agree to anything and is the G20 a help or hindrance? ... Discuss (Coffee Talk, SNL)
What the actual G20 statement actually says or mandates, if anything, is open to interpretation.
Like anything that takes days to produce, is constructed by 20 economic leaders with conflicting goals and unique agendas and where releases have to be agreed to unanimously, the G20 policy statement is hardly specific. It also needed to avoid certain language to gain approval.
The terms "current account" and "foreign reserves" were excluded from the agreement due to insistence from China. China has been criticized, particularly by US Treasury Secretary Tim Geithner, for keeping its currency artificially undervalued.
The weak or artificially undervalued yuan has resulted in China building a "war chest" of $2.8 trillion in U.S. dollars due to the huge trade imbalance that exists between the two
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