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G20 leaders prepare for difficult summit

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G20 leaders prepare for difficult summit


A deeply divided G20 will hope to move beyond broad promises of economic cooperation as world leaders begin their two day summit in Seoul today.

But while all of the rich and emerging countries which make up the group are agreed that the aim is to stimulate economic growth, there are fears the get-together could descend into a row about currency.

It is a question of global imbalance –
China is accused of manipulating its yuan to help boost Chinese exports which has led to Beijing amassing huge foreign reserves.
While the US policy of creating new money to pursue quantitative easing could be considered a form of currency manipulation too.

Either way, an agreed closing statement looks being a struggle.

Shortly before the leaders arrived, more than 500 protesters held a candle-light vigil in South Korea’s capital, urging the summit to produce policies which will help the poor.
Many of them firmly believe the United States and the powerful dollar are to blame for the global financial crisis.

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