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Eu Prods China For Faster Yuan Rise - G20 Draft

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The European Union thinks China has made only limited progress in allowing its yuan currency to move more rapidly, and swifter action would help safeguard a fragile economic recovery, according to a draft G20 document obtained by Reuters on Saturday.

The document outlines EU positions ahead of a Group of 20 deputy finance leaders meeting in Gwangju, South Korea, September 4-5. South Korea will host a G20 leaders summit in November.

The 13-page document addresses issues including the economic outlook, governance of the International Monetary Fund, financial regulatory reform, and climate change. The draft was undated, and it was not clear whether EU officials had approved it.

The EU sounded somewhat upbeat on Europe's economic prospects, but raised concerns about growing risks in the United States and Japan, the document shows. The draft also reflects some frustration with China's slow progress in allowing its currency to appreciate.

China announced in June that it would loosen its grip on the tightly managed yuan, which the United States and Europe say Beijing keeps artificially low to support exports.

"A vigorous implementation of this policy is now necessary," the draft statement said. "Unfortunately, so far, only limited progress has been made."

It said a stronger yuan would be in Beijing's best interest because it would help prevent the Chinese economy from overheating and creating asset price bubbles.

More at the link.

It's a race to the bottom and getting the Chinese to increase the value of the Yuan will make our exports more competitive.

I can't see the Chinese being too accommodating over this.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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