Australia to benefit from G20's agreement on currency control: Treasurer

13:22, October 25, 2010      

Email | Print | Subscribe | Comments | Forum 

Australia will benefit from an agreement among G20 finance ministers to seek greater flexibility in currency markets, Treasurer Wayne Swan told parliament on Monday.

Swan spent the weekend in the South Korean city of Gyeongju, where ministers prepared for the G20 leaders' summit in Seoul of South Korea next month.

The weekend meeting produced agreement on reform to the International Monetary Fund's (IMF's) governance structures, to give more weight to developing nations, and on refraining from devaluing currencies, as part of a framework for strong and balanced growth.

The agreement came amid fears that nations were on the verge of a so-called currency war, in which they would devalue currencies to gain an export advantage over competitors.

"In particular, (we) agreed that we should be moving towards more market determined exchange rates, and that is a very important outcome for Australia,"Swan told Parliament, adding "we do not want to see the competitive devaluation on currencies that we have seen in recent months."

The Australian dollar reached parity with the U.S. currency in mid-October, and has since settled above 99 U.S. cents.

Such stronger local unit has pushed up the price of exports, which has occurred as the governments of other developed nations have artificially devalued their currencies to help domestic industries.

Source: Xinhua

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion