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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 Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam China stands firm as G20 wrangling goes to wire AFP - 46 minutes ago Send IM Story Print SEOUL (AFP) - – G20 leaders looked set Friday for a diluted accord on remodelling the world economy, with China's strident objections to any brakes on its export machine undermining a US push to redress global trade. The United States, nursing a hangover from its worst recession since the 1930s, said it was "very confident" the Seoul summit would adopt a declaration promoting a reorientation of trade between surplus and deficit nations. "There has been big progress," South Korean President Lee Myung-Bak said at the start of Friday's talks, held in a giant convention centre surrounded by a 50,000-strong security deployment. Officials said the leaders were expected to embrace a beefed-up version of an agreement by G20 finance ministers last month to avoid currency devaluations, rein in trade gaps and resist protectionism. Points: Main issues at G20 summit However, any consensus document that emerges could well be toothless, shorn of US proposals for firm targets on national current accounts, following a fierce counter-offensive from China, Germany and others. Chinese President Hu Jintao presented his own counter-proposals in Seoul, calling on the United States to adopt "responsible policies" and maintain a stable dollar. Hu, who presides over the world's second-largest economy and its largest exporter, demanded global resistance to trade barriers as he painted a bleak picture of the economic outlook. Related article: US 'very confident' of strong G20 deal "The international financial markets are volatile, the fluctuation in the major currencies is large, prices of commodities are high, and there is a clear rise in protectionism," he said. President Barack Obama, having suffered an economy-linked drubbing in US elections last week, says there should be no controversy about fixing imbalances "that helped to contribute to the crisis that we just went through". But controversy is rife in the G20 after the Federal Reserve instituted a 600-billion-dollar attempt to reflate the US economy, a radical monetary step that foreign critics say will trigger tit-for-tat currency devaluations. German Chancellor Angela Merkel said a US proposal to limit the current account surpluses of big exporters to four percent of gross domestic product was dead in the water. Instead, she said, G20 finance ministers will be asked to work with the International Monetary Fund to look at broader, structural economic indicators such as population changes and labour laws. Offbeat: 'Austrian' PM Gillard gets hasty makeover "The time-frame for this is still very much disputed," she said Thursday, while adding: "I personally don't want to put it off endlessly. I think we will get a common communique in the end -- including the US." Chinese officials sought to throw the onus back on the United States by arguing that Beijing has an "unswerving" commitment to reform its much-criticised currency regime, but needs stability in the world economy. The United States wants the G20 to agree to curtail "excessive imbalances" as a back-door way of forcing China to realign its currency, which critics say is kept deliberately cheap to support Chinese exporters. Related article: UN chief to urge G20 to help poor But the proposal has run into trouble not just from China but from an array of nations including Germany, Europe's export champion, which insists its own trading prowess has nothing to do with any currency chicanery. "To set political limits on trade surpluses and deficits is neither economically justified nor politically appropriate," Merkel told a G20 business summit. The United States, accused itself of deliberately depressing the dollar to trade its way back to prosperity, vied to build bridges in Seoul. A senior US official said Washington was "very encouraged" by China's actions, which have led to a slow rise in the yuan since June. Related article: Geithner denies dollar manipulation, slams Greenspan Confronting US critics head-on, Treasury Secretary Timothy Geithner said the United States would "never" manipulate the dollar and hit back at a surprise attack on Washington's economic approach from former Federal Reserve chairman Alan Greenspan. But divisions in Seoul were in plain view with China's growing assertiveness in a variety of international fora, including the failed Copenhagen climate summit at the end of last year, again on display. "China is being very difficult in finalising the texts, so there might be brackets left for the leaders to fill in after all," a German government source said heading into the final sessions of talks. Recommend Send IM Story Print Related Articles China stands firm as G20 wrangling goes to wire AFP - 46 minutes ago Nobel Peace laureates meet in atomic-bombed Hiroshima AFP - 49 minutes ago Philippines seeks quick removal from aviation blacklists AFP - 55 minutes ago Russia and Japan leaders to meet amid islands spat Reuters - 1 hour 6 minutes ago N.Zealand's first Asian-origin MP quits over scandal AFP - 1 hour 20 minutes ago News Search Top Stories Boeing blames Dreamliner fire on faulty power panel EU heavyweights say bond market jitters 'misplaced' DNA test raises doubts over Texas man's execution Acrimony as EU budget negotiations collapse Environmentalists urge action at tuna talks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended EU fines 11 airlines 800 million euros for air cargo cartel Boeing blames Dreamliner fire on faulty power panel Microsoft sues Motorola over 'excessive' royalties Spanish economy stalls in third quarter Irish bond rates hit record highs, fanning debt crisis fears More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon EU fines 11 airlines 800 million euros for air cargo cartel Be fit, have fewer colds: study More Most Recommended » Elsewhere on Yahoo! 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