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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 Weekend Edition Singapore Asia Pacific World G20 ministers to grapple with currency dispute AFP - Friday, October 22 Send IM Story Print G20 ministers to grapple with currency dispute GYEONGJU, South Korea (AFP) - – G20 finance ministers meet Friday to try to settle an intractable currency dispute overshadowing efforts to build a stronger world economy in the wake of a devastating downturn. The issue is likely to loom large at the two-day Group of 20 ministerial meeting, which starts at 3.45pm (0645 GMT) and will set the agenda for a Seoul summit on November 11-12. Apparently signalling they want a temporary truce in the so-called currency wars, the ministers will pledge to "refrain from competitive undervaluation" of their currencies, according to a draft statement. The Group of 20 will "move towards (a) more market-determined exchange rate system", according to the draft quoted by Dow Jones Newswires. But the group would also minimise "adverse effects of excess volatility and disorderly movements in exchange rates" -- apparently reflecting concerns of Asian and other export-reliant nations about rapid rises in their currencies. The statement may change following the meeting of ministers and central bank governors in the southeastern South Korean city of Gyeongju. But a G20 official with the host nation said a reference to currencies would likely remain and the draft wording on this issue was seen as neutral. Finance ministers from the Group of Seven will meet Friday on the sidelines of the main meeting, officials said, and will probably discuss the currency issue. South Korea's Finance Minister Yoon Jeung-Hyun told reporters he was "optimistic" about the weekend meeting but did not elaborate. And Vice Finance Minister Yim Jong-Yong said separately he believes agreement on forex disputes will be reached at some point. "China is making its own efforts, for instance by raising interest rates," Yim said. "They know this fight (on currency) will eventually damage both sides and lead to trade protectionism, so I believe that this issue will reach agreement." The United States and European Union accuse China of keeping its yuan grossly undervalued to benefit exporters. Beijing counters that Washington's loose monetary policy is swamping emerging markets with destabilising capital inflows, as investors chase higher yields than they can secure from the dollar. US Treasury Secretary Timothy Geithner said he would push his G20 counterparts to rebalance the global economy away from US consumption. "The rest of the world wants us to save more -- and that means less US demand for the rest of the world. Demand is going to have to come from other sources," he told Thursday's Wall Street Journal. The International Monetary Fund, in its regional outlook, urged Asia to work to rebalance growth. "With external demand from advanced economies unlikely to return to pre-crisis trends in the foreseeable future, Asia will need stronger domestic demand to maintain robust growth," it said. Ministers will also discuss reforms to the IMF to give emerging nations more say, and South Korea's push for a global financial safety net to safeguard countries from the effect of sudden damaging capital flows. Also on the agenda are talks about the G20 framework for "strong, sustainable and balanced growth", and tighter controls over mega-banks and finance firms blamed for triggering the crisis. The draft G20 statement said cooperation is essential to maintain a global recovery that is "moving ahead, albeit in a fragile and uneven way. "Recent financial market strains have receded, in part due to our timely and concerted policy efforts. However, many downside risks remain." 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