Exchange rates will play role in G7 discussions, says Germany

BY

Germany, the host nation of this weekend s G7 finance summit, said exchange rates would figure in the discussions of the Group of Seven finance ministers and central bank chiefs.

"As with all G7 finance summits, exchange rates will play a role" in discussions on the global economy, Deputy Finance Minister Thomas Mirow told a press briefing here.

"The yen is an important currency, along with others." But Mirow declined to say whether a specific country and its currency would be singled out for special mention in the final communique at the end of the summit.

The Group of Seven comprises Britain, Canada, France, Germany, Italy, Japan and the United States, whose finance ministers and central bank chiefs are scheduled to meet in the German city of Essen for a two-day summit starting Friday.

In the run-up to the meeting, much debate has been focussed on the declining value of the yen, which penalises euro zone exports. The European members of the G7 have been pushing for the matter to be discussed.

But the US has indicated that it would not take part in any concerted effort to drive the yen higher, rendering it unlikely that the Japanese currency would be mentioned specifically in the final communique.

Another currency frequently discussed in the run-up to the G7 meeting is the Chinese yuan.

China stands accused by some countries of massaging its exchange rate to depress the yuan s value and so boost the competitiveness of its exports.

China is one of a number of non-G7 participants invited as guests to the meeting, alongside officials from Brazil, India, Mexico, Russia and South Africa.
Mirow noted it was not the first time that China had been invited to such a meeting.

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