Nothing major to add and I’m trying to get a timeline for the statement release. Here’s a piece from the Financial Post which I think has summarised some Bloomberg stories.
Group of 20 nations will affirm a commitment to avoid weakening their currencies to gain a trade advantage, according to a draft statement prepared for a meeting this week in Washington, Bloomberg BNA reported.
The statement, seen by a Bloomberg BNA reporter, maintains a February pledge to “move more rapidly toward more market-determined exchange rate systems and exchange-rate flexibility” and to refrain from competitive devaluations. Meetings of finance ministers and central bankers start Thursday.
The initial language suggests G20 members will withhold direct criticism of Japan’s efforts to rally its economy from 15 years of deflation even after the yen’s 19% slide against the dollar in the past six months.
Nothing new in there but a handy note to keep you up to date.
Full story here.
In all honesty I’m not really expecting any fireworks from the release. The summary above will probably be not far from what we get. We’ll probably get some jaw boning about trade partnerships and joint efforts to improve growth blah blah blah. The fact that there’s been no arguments coming out of the meetings suggest that they’re all having a jolly good time.