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China’s currency policies have been an ongoing bone of contention, especially for the U.S., yet the Gyeongju meeting seems to have gone some way to alleviate this tension and securing a middle way that will reduce trade deficits, while China may feel less pressure to let the yuan appreciate further. Many leaders stated that they were prepared to shift towards more market based exchange rate systems and put a halt on the competitive devaluation of currencies.

Crucially these agreements at the Gyeongju meeting have sent two very important messages; firstly that no G20 member nation wants to see the global policy forum collapse as it would hurt the interests of all nations and have far teaching repercussions. Secondly, it shows that the chasm between advanced and developing countries is narrowing as they frequently find common ground and points of agreements.

Considering the size and scope of the G20 meeting regularly is no small feat and as a result far reaching definite decisions can be hard to come by. Nevertheless recent G20 activity seems so far to be positive, with independent analysts feeling optimistic about the progress and deals made. “The decision to boost the quotas of the emerging market developing countries especially is a lasting and welcome development, suggesting that the IMF is going to be more legitimate,” said the chairman of Goldman Sachs Asset Management, Jim O’Neil. He added, “On foreign exchange imbalances, I think the statement also suggests some progress, especially as it relates towards China and the Chinese yuan.”

The only drawback is that at this stage the agreements are non- binding and so far nothing is set in concrete which puts more impetus on the upcoming Seoul summit. The question that remains to be answered is whether history will be made in COEX this November.

G20 정상회담 준비

세계 지도자들은 통화 평가절하에 브레이크를 걸고 국제통화기금에 중요한 제한을 수행하는 것에 동의한 것처럼 긴급한 세계 문제들과 싸우는데 중요한 조치를 취했다. 바라건대 이러한 결정들은 엄청난 변화를 끌어내고 많은 요구들을 완화시키는데 도움을 줄 것이다.

다가오는 서울 G20 정상회의에 앞서 경주에서 열린 G20 재무장관들과 중앙 은행장들이 모인 최근 회의에서 지도자들이 한국의 수도(서울)에서 열리는 세계 정상회의에서 중요한 변화와 해결에 타결을 볼 것이라는 희망이 생겼다. 그 목표는 지구상에서 가장 중요한 문제들 중 일부에게는 현실적인 해결책이 될 것이다.