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China to get India, Brazil support on yuan issue

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littlekracker



China to get India, Brazil support on yuan issue
2010-04-22 12:11:23

China is likely to get support from two of its BRIC partners on its currency war with the US, analysts said.

The upcoming meet of G-20 finance officials this week will see Indian and Brazilian central bank governors fully backing the American stand on Chinese currency revaluation.

G-20 finance ministers and central bank governors will meet in Washington on Friday to discuss financial regulatory reform. They will also work on a plan to avoid a return to global current account imbalances that contributed to the recent financial crisis.

Firing a warning shot across China's bows was Indian central bank governor D Subbarao, who said exports from China to his country had grown faster than Indian exports to China, ''and that obviously is a reflection of differences in the exchange-rate management,'' he told reporters in Mumbai.

Also in the fray was Brazil's Henrique Meirelles who told a senate hearing yesterday in Brasilia it was ''absolutely critical'' that China should let its currency appreciate. "I think it's absolutely critical for the equilibrium of the world economy," he said when queried about the likely global impact should China revalue its currency.

Finance officials from G-20 nations will discuss outlook for the global economy in Washington for three days starting 22 April.

Flattire



The upcoming meet of G-20 finance officials this week will see Indian and Brazilian central bank governors fully backing the American stand on Chinese currency revaluation.

About time!!!! The world needs to keep pointing at China

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