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."
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."
