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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 promises leave Asian markets unmoved AFP - Tuesday, June 29 Send IM Story Print G20 promises leave Asian markets unmoved HONG KONG (AFP) - – A G20 statement promising to cut deficits, boost growth and stabilise the markets held little sway for Asian stocks Monday, as China strengthened the yuan anew after the weekend summit. Leaders of the world's 20 leading economies finished a two-day meeting in Toronto with a communique committing advanced economies to at least halve deficits by 2013 and stabilise or reduce government debts by 2016. The joint statement warned that "failure to implement consolidation where necessary would undermine confidence and hamper growth". But the statement was thick with caveats, with many analysts saying it did not apply strong enough pressure on debt-ridden governments. Mizuho Corporate Bank market economist Daisuke Karakama said: "They achieved the goal of being neutral to markets -- it's a statement of little meaning." In the first day's trade after the summit, Hong Kong ended 0.17 percent, or 35.89 points, higher at 20,726.68. But Tokyo's Nikkei ended 0.45 percent, or 43.54 points, lower at 9,693.94 and Sydney was down 0.65 percent, or 28.5 points, at 4,384.5. Shanghai dropped 0.69 percent, or 17.54 points, to close at 2,535.28. The summit exposed differences over how to chart a way forward for the global economy after the worst financial crisis in decades, Cityindex head of dealing Michael McCarthy told Dow Jones Newswires in Sydney. "Clearly the US wants the fiscal stimulus to remain in place for some time, but the Europeans say they can't afford to keep borrowing and spending, so there's a divergence there and there are concerns that this could lead to ructions globally," he said. China on Monday set the central parity rate -- the centre point of the yuan's allowed trading band -- at 6.7890 to the dollar, a fraction stronger than Friday's 6.7896 and the strongest rate since 2005. In Monday trade, the yuan was slightly weaker at around 6.7912 to the dollar. The move came after US President Barack Obama said in Toronto he expected China to fulfil promises to allow flexibility in the yuan, which critics say is 40 percent undervalued, giving Chinese exports an unfair advantage. In other currency trading, the euro was at 1.2380 dollars in Tokyo, flat from New York late Friday, while edging up to 110.69 yen from 110.57 yen. The dollar was trading at 89.40 yen, up from 89.20 yen in New York. Markets were given no help from New York, where the Dow edged lower after the Commerce Department said Friday that gross domestic product rose 2.7 percent in the March quarter, down from a previous estimate of 3.2 percent. Oil was lower. New York's main contract, light sweet crude for August delivery, dipped 22 cents to 78.64 dollars a barrel while London's Brent North Sea crude for August was down 11 cents to 78.01 dollars. Gold closed at 1,253.00-1,254.00 US dollars an ounce in Hong Kong, up from Friday's close of 1,246.00-1,247.00 dollars. In other markets: -- Singapore closed 0.64 percent, or 18.35 points, higher at 2,869.99. DBS Group Holdings gained 1.46 percent to 13.86 Singapore dollars, Keppel Corp was flat at 8.76 dollars and Singapore Airlines was stable at 14.52 dollars. -- Seoul rose 0.13 percent, or 2.19 points, to 1,732.03. -- Taipei rose 0.35 percent, or 26.08 points, to 7,500.79. Taita Chemical surged by the daily trading limit of 7.0 percent to 12.45 Taiwan dollars and Formosa Plastics Corp. rose 1.96 percent to 67.5. The index was helped as Taiwan and China prepared to sign a historic trade pact on Tuesday. -- Kuala Lumpur closed 0.91 points lower at 1,325.54. Berjaya Corp was down 9.60 percent to 1.23 ringgit and herbal product manufacturer Hai-O shed 6.10 percent to 3.87. Glove maker Top Glove gained 2.10 percent to 13.66. -- Jakarta rose 0.30 percent, or 8.71 points, to 2,955.73. -- Manila closed 0.34 percent, or 11.44 points, higher at 3,363.90. Universal Robina Corp. rose 3.45 percent to 30 pesos while Megaworld Corp. jumped 1.47 percent to 1.38 pesos. Metropolitan Bank and Trust Co. fell 0.79 percent to 62.50 pesos. -- Wellington ended 0.85 percent, or 25.70 points, lower at 3,008.41. Telecom shed 3.6 percent to 1.90 New Zealand dollars and stock exchange NZX ended down 1.4 percent at 1.45. 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