Group of Twenty nations will meet tomorrow in Nanjing, east China, on the initiative of France to discuss the issues of capital flows and the reform of the international monetary system, at a time of economic recovery risks as a result of the earthquake disaster in Japan.
She described the French Presidency event as «precedent that perpetuate weight of China in the global economy», and noted that it the first time that host State arising out of a major meeting of the Group of Twenty, with the participation of most of the finance ministers major economic powers and the
rulers of their central banks, in addition to the President of the International Monetary Fund Dominique Strauss-Kahn . Or conclusions will not be issued a joint statement at the conclusion of the talks.The Group of Twenty nations agreed in February (February) in Paris on the measurement of the imbalance between exporting countries, which recorded a surplus, such as China, and countries that are at the top of a structural deficit of the United States. These include indicators, non-binding, the internal data of each country such as the budget deficit and public debt and private savings, and include data such as the external current account balance, trade balance, real exchange rate, which takes the level of prices and purchasing power.
China expressed reservations on a number of these criteria, at a time when most of its trading partners is that the exchange rate of its currency lower than the actual value. He said a Western diplomatic source, that the issue of the imbalance will not be «at the heart of the talks» in Nanjing. The sources expected the French non-issuance of decisions regarding China's currency system, despite the hope that the Chinese authorities contribute to the reform of the international monetary system. It will also include talks, which will be led by Minister of Economy and Finance French Christine Lagarde, the flow of capital which are central to Beijing. China considers it a victim of the flow of speculative capital in search of short-term investments are the best ones in developed countries, despite the exercise of strict control on the movement of capital.
The conferees will discuss the role of «special drawing rights» issued by the International Monetary Fund, which France wants to play a bigger role in assisting countries that suffer a financial crisis. The central bank governor Zhou Xiaoshuan had called in 2009 to the adoption of these assets, which was established more than forty years to replace gold, real world currency.
Supported Strauss-Kahn in February, expand the SDR basket, which are now limited to the dollar and the yen and the pound sterling, to include the currencies of several emerging countries led by China.
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