G7 warns of disorderly exchange rate movement, welcomes China commitment www.chinaview.cn
2009-10-03 23:46:37 Print
ISTANBUL, Oct. 3 (Xinhua) -- Finance leaders of the Group of Seven (G7) richest economies warned Saturday of disorderly movements in exchange rates and welcomed China's commitment to make the exchange rate of its currency more flexible.
"Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," according to a statement by the G7 finance ministers and central bankers released here.
The officials noted in the statement that they welcome China's continued commitment to move to a more flexible exchange rate, saying that "should lead to continued appreciation of the Renminbi in effective terms and help promote more balanced growth in China and in the world economy".
The G7 reaffirmed their shared interest in a strong and stable international financial system and pledged to continue to monitor exchange markets closely and cooperate as appropriate, according to the statement.
The G7 finance heads are in Istanbul for the International Monetary Fund and World Bank annual meetings scheduled on Oct. 6-7.