S Korea's top economic official hints at "incremental bounces" on currency issue at G20

14:38, November 12, 2010      

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A senior South Korean economic official said Friday the ongoing G20 Summit is hoped to make "incremental bounces" over the thorny currency issue through coordinated and multilateral efforts.

"Continuing the process made at the Gyeongju Finance Ministers' Meeting, we are on a way to make incremental bounces," Shin Hyun- song, senior economic advisor to South Korean President Lee Myung- bak told reporters at a briefing, when asked on a progress at the G20 summit regarding the so-called currency war.

Recognizing how grave the issue is in terms of its broad spillover effects, the official said the purpose of the G20 is to be able to discuss for the sake of mutual interest and come to set of conclusions.

Although Shin avoided going into details of the discussion process on the leaders' summit table, he showed optimism that the meeting will move a step forward from agreements reached at the Gyeongju meeting.

In late October, finance ministers and central bank governors met in Gyeongju and made consensus on "moving towards more market determined exchange rate systems that reflect underlying economic fundamentals," according to the joint communiqu.

According to Shin, the statement, while fully reflecting the independence of market system, did not mean that the government can intervene in the market system, mentioning the government's role to adjust the market situation when in breach of economic fundamentals.

Source: Xinhua


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