S Korean President hints currency issue to be tabled at Seoul G20 Summit

19:27, October 07, 2010      

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South Korean President Lee Myung-bak said Thursday that the upcoming Seoul G20 Summit will deal with the currency exchange issue which has recently been clouding global economic relations.

"There are various (issues) for which global cooperation is needed, including the currency exchange issue, at the Seoul G20 Summit," President Lee said at a meeting with a committee of economic experts.

"There are still a lot of concerns as the economy still faces uncertainties, which means now is the time for the world to beef up cooperation," Lee added.

The remarks came amid the escalating currency exchange conflict among global economies which seek to defend their own currency values.

The struggle deepened as the U.S. dollar value has been sharply decreasing as the U.S. government decided to carry out quantitative easing in an effort to boost the sluggish economy.

Hit by the U.S. government's aggressive measures, major economies, especially those in Asia, are trying to defend their currency values, which already have risen to an unusually low level.

Japan recently stepped into the currency market for the first time in six-and-a-half years, while Brazil decided to hike the so- called IOF tax, or the Financial Operation Tax, to limit capital inflows into the country.

As a growing number of countries took part in the so-called currency war, U.S. officials openly demanded the issue be tabled at the Seoul Summit.

South Korea has stayed reluctant bringing up the issue, considering its sensitivity, with Sakong Il, president of the organizing committee, hinting at settling the issue at the ministerial-level gathering before the Seoul meeting.

Right ahead of the Summit, from Oct. 22-23, financial ministers and central bank governors are to gather in the southern city of Gyeongju to fine-tune agenda items to be tabled at the summit.



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