Bloomberg News

China’s Zhu Says G-20 Statement on Currencies Is ‘Balanced’

October 15, 2011

Oct. 15 (Bloomberg) -- Chinese deputy finance minister Zhu Guangyao said the Group of 20’s statement on currencies is “balanced.”

The G-20 communique issued after a meeting of finance ministers and central bankers in Paris today describes the currency issue in a “very comprehensive and balanced way,” Zhu said in an interview. The discussions were “important preparation” for a G-20 leaders’ summit on Nov. 3-4, he said.

The G-20 finance chiefs left their comments on currencies broadly unchanged in today’s statement, repeating their support for “market-determined exchange rates.”

“We reiterate that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability,” they said.

To contact the reporter on this story: Victoria Ruan in Beijing at vruan1@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net


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