It looks like action on the growing international imbalances in the world economy has been postponed:
“ China resisted pressure by industrialised countries to liberalise its currency regime at this weekend's meetings of the International Monetary Fund and World Bank. China resisted pressure by industrialised countries to liberalise its currency regime at this weekend's meetings of the International Monetary Fund and World Bank. Jin Renquin, China's finance minister, and Zhou Xiaochuan, the central bank governor, attended a working dinner of the Group of Seven industrialised nations on Friday, but maintained China's previous stance that it needed more time before it could consider introducing greater flexibility into its exchange rate. The dinner was the first time that China, now the world's seventh-largest economy, had attended a G7 meeting. G7 countries praised the quality of debate and the openness of the Chinese officials, but little progress was made. “It seems that times were to good to do something
“China resisted pressure by industrialised countries to liberalise its currency regime at this weekend's meetings of the International Monetary Fund and World Bank. Jin Renquin, China's finance minister, and Zhou Xiaochuan, the central bank governor, attended a working dinner of the Group of Seven industrialised nations on Friday, but maintained China's previous stance that it needed more time before it could consider introducing greater flexibility into its exchange rate. The dinner was the first time that China, now the world's seventh-largest economy, had attended a G7 meeting. G7 countries praised the quality of debate and the openness of the Chinese officials, but little progress was made. “Whats the saying about making hay while the sun shines? This looks like an opportunity missed.