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G20 ministers again let China veto meaningful measures to address trade imbalances
Howard Richman, 2/20/2011

Going into the G-20 ministers meeting I pointed out that Chinese ministers would veto any meaningful attempt to adress worldwide trade imbalances. That's exactly what happened this weekend. Here's an analysis from advisorone.com

Although an accord of sorts was reached by finance ministers of the G20 at their meeting in Paris on Saturday, exchange rates and currency reserves, which are truly representative indicators of global economy imbalance, were blocked from inclusion by China. The deal is thus far less effective than it might have been.

So China and most of the other emerging economy governments will continue to manipulate their exchange rates and currency reserves to maintain their trade surpluses, so that they keep growing while Europe and North America stagnate. And the spineless leaders of the trade deficit countries will let them.

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