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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World G20 draft urges emerging nations currency flexibility AFP - Monday, June 28 Send IM Story Print G20 draft urges emerging nations currency flexibility Slideshow: Full Photo Coverage: Business & Economy TORONTO, Canada (AFP) - – G20 leaders Sunday called on the world's emerging economies to allow their currencies to float more freely, in a bid to balance world trade, according to draft conclusions from a summit here. With an eye on Asian currencies that are believed to be undervalued, the leaders called on countries with a trade surplus to act. "Emerging surplus economies will undertake reforms tailored to country circumstances to... enhance rate flexibility," the draft said. A weak currency makes that country's exports cheaper, providing what critics say is an artificial trade advantage. Of the G20 members, the emerging markets of Argentina, Indonesia, Russia, Saudi Arabia and South Korea all have trading surpluses. But much of the focus will continue to be on China, which has a whopping 335 billion dollars current account surplus this year. China has come under increasing pressure to drop the long-standing peg on its yuan currency, and last week agreed to allow the currency to float more freely against the dollar. But Beijing has ruled out dramatic moves in the currency or a one-off appreciation. The action was widely seen as a bid to head off rancor at the G20 summit following intense pressure on Beijing to embrace currency reform as part of efforts to enhance a global economic recovery. But Chinese President Hu Jintao Sunday made no mention of the yuan in his speech to G20 leaders, insisting instead that the volatility of major currencies was posing a threat to stability. "A host of problems have been exposed in some systemically-important financial institutions," Hu said. "Exchange rates of major currencies fluctuate drastically and international financial markets suffer from persistent volatility. "Commodity prices hover at a high level and protectionism of various forms is notably growing." Recommend Send IM Story Print Related Articles Hu hits out at 'all forms' of protectionism AFP - 17 minutes ago Korea promises next G20 will help bridge development gap AFP - 48 minutes ago Oil spill teams keep wary eye on storm in Gulf Reuters - 2 hours 34 minutes ago Toronto police fire tear gas on G20 protesters Reuters - Monday, June 28 US-BUSINESS Summary Reuters - Monday, June 28 News Search Top Stories England-Germany World Cup rivalry felt in Afghanistan 'Growth friendly' new theme song of world economies Merkel's win, Cameron's loss as footie fever hits G20 Guinea votes in first democratic election since independence G20 agrees to cut deficits in half by 2013: Merkel More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fans gather for Michael Jackson death anniversary Amputee cat gets bionic legs Disgraced millionaire lobbyist takes pizza job Belgian church mulling legal action after paedophilia raids Vatican beatifies Lebanon monk More Most Viewed » Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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