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Kan Says 'No Particular Discussion' of Yuan at G-20 (Update1)

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Kan Says 'No Particular Discussion' of Yuan at G-20 (Update1)

Friday, April 23, 2010

April 23 (Bloomberg) -- Japanese Finance Minister Naoto Kan said there was "no particular discussion" of the Chinese yuan at a meeting of finance ministers and central bankers from Group of 20 nations.

"The member nations acknowledge that China doesn't favor discussion in open forums such as the G-7 and G-20" when it comes to currency policies, Kan said at a press conference in Washington today after the meeting. "Such talks didn't occur in open forums," he said, adding that the nations may have discussions on other occasions.

China has come under pressure to revalue its currency and fuel domestic consumption to help correct global imbalances. U.S. Treasury Secretary Timothy Geithner has said the G-20 talks in the U.S. capital could serve as an "avenue for advancing U.S. interests" on the Chinese currency.

Kan said yesterday that finance ministers and central bankers didn't discuss the yuan at the G-7 meeting. G-7 officials met a day ahead of the G-20 gathering, which has displaced the G-7 as the main forum for talks among the world's biggest economies.

Kan also said there were no questions about Japan's finances at today's meeting. The impact on Japan from Greece's fiscal crisis is said to be limited because Japanese investors hold few Greek government bonds, he said.

Bank of Japan Governor Masaaki Shirakawa, who also spoke at the press briefing, said he explained the state of Japan's economy and monetary policy at today's meeting.

"I told counterparts that the sustainability of the recovery trend is becoming clearer and there are some budding signs of a self-sustained recovery in domestic private demand."

2 debt reduction on Sat Apr 24, 2010 3:07 pm


One way to look at all these billion dollar
write offs, is that one rarely see it at 100%. Why is that? The Yuan is increasing in value, China is developing many oil fields in Iraq, and ultimately the Shias/Iran will be unsuccessful in their attempts to dominate the Sunnis/Saudi Arabia. This 'attempt/war' is not really only aimed at Israel but at Saudi Arabia. Does China expect at minimum to break even on the 80% write off, by using the 20% retained to increase exponentially with the the IQD re-valuating shortly? Perhaps. Its a smart political move since they are setting up oil fields in their country - its simply a win win for China.

Iran is strategically being allowed to gain military credibility in the Middle East and will through this opportunity seriously threaten the Sunnis. This scenario if not the major focus of the soon to be war in the middle east, will be a strong driving primary or secondary force to spike oil prices.

Have you all noticed that we have now 22 ships in our Iraqi Ports, I remember it was huge news when we hit 1 ship then 3 ships - while free floating the IQD went from .00027 (2003) and now .00084 (2010) and still way undervalued by not being tagged to the GDP. We all know that soon, the IQD will be tagged to the GDP.

This dropping of zeros with future due dates, have come and gone many times - to hold foreign speculators in check.

BAGHDAD / Aswat al-Iraq: There are no plans to make the exchange rate of ID1,000 equal to $1, Central Bank of Iraq (CBI) said on Wednesday.

“Iraq’s currency policies are far from such decisions,” the CBI said in a release received by Aswat al-Iraq news agency.

The CBI said that the current exchange rate, ID1,170 = $1, is balanced, stable, and can be preserved through Iraq’s foreign currency reservoir of $43 billion.


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