Group of Twenty (G20) summit in Seoul on November 11 afternoon, the first in South Korea opened the curtain Rama, which was first held in Asia and the G20 summit of developing countries, the summit will be consolidated before the 4th Summit of the discussions, the exchange rate, the global financial safety net, reform of international financial institutions, development and other major issues, based on discussions to overcome the financial crisis, the formation of sustainable and balanced growth of international economic order and other issues.

In view of the summit talks in the G20 finance ministers and representatives of Vice (Sherpa) failed to reach an agreement on the exchange rate held under the circumstances, therefore, the possibility of world leaders on such sensitive issues as the exchange rate to find a breakthrough, the subject of much attention.

Previously, G20 finance ministers and deputy members of the negotiating representatives held a meeting with the “Seoul Declaration” to coordinate the content of the draft and revision, laying the groundwork for the summit’s success. Although four days in a row at the meeting, Deputy Finance Minister on financial regulatory reform parties, the global network of financial security, development issues, reform of international financial institutions have basically reached a consensus, but in exchange rates and the current limits on such issues there are still big differences.

On the exchange rate, countries will agree to Gyeongju G20 meeting of finance ministers agreed “to market-oriented exchange rate system” and “restraint of competitive devaluation” and position, but South Korea and the United States put forward a current account target – The magnitude of the current account surplus and deficit control in about 4% of GDP. In this regard, the participating parties divergence, resulting in a heated debate, the final negotiations stalled.

G20 summit, the Preparatory Committee, said the reason the parties around the exchange rate is difficult to narrow the differences, because the main members of the G20 in the G20 meeting of finance ministers agreed to implement the market-determined exchange rate regime type, the United States started the second round of quantitative easing policy, was a multi-party strongly condemned.

Among them, the Federal Reserve Bank of Korea took the lead on the release of 600 billion U.S. dollars has recently questioned the initiatives that the U.S. policy of quantitative easing effect on the real economy is limited, but its side effects may actually be greater. Because the second round of the quantitative easing policy by the United States to obtain long-term interest rates, stock prices, the dollar fell and other effects, but the index changes to impact the real economy is limited. Meanwhile, the U.S. caused by the quantitative easing policy too much liquidity could be transferred to emerging economies, an asset price bubble, which, if the emerging economies in order to prevent excessive appreciation of the RMB exchange rate once again to take protective measures, “the exchange rate dispute” might be repeated. In addition, U.S. policy can also lead to gold and raw materials prices skyrocketing, and the impact of the implementation of exit strategies in other countries to face high inflationary pressure and a series of crises.

The sound of the G20 member countries condemned the United States is no longer in the current issue of the performance so strong. However, when the G20 summit, the Preparatory Committee and other aspects, G20 summit in Seoul, the capital financing for the goal-setting time limits to determine when the current account surplus countries such as Germany expressed strong opposition.

Participating parties disagree at loggerheads, and even some of the participants against each other in the statements and views, also raised his voice. Therefore, today released the “Seoul Declaration” may be affected. The outlook is not optimistic about the summit.

G20 summit, the Preparatory Committee also recognized that although members generally agreed with Gyeongju G20 G20 meeting of finance ministers of the consultation content, but all countries to exchange rate differences have not been eliminated, so the exchange rate through the meeting resolve disputes plan may come to nothing. However, the participating parties agreed that only the G20 summit in Seoul to exchange rate reached specific agreements, in order to prevent the resurgence of protectionism in world trade. Therefore, scheduled for release today, “Seoul Declaration” will be mentioned in the framework of the exchange rate to prevent further disputes the general policy. At the same time, the declaration may also contain U.S. proposals on building early warning system for current content. However, given the current account surplus countries such as Germany’s strong opposition, the declaration may be mentioned in the construction of current early warning system should take into account the national economic base and national and regional surroundings.

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