The G-7 Joins the Fray on China’s Currency

By April 25, 2006General

After years of the US — prompted by US manufacturers — being the lone voice on the international stage pounding away on the issue of China’s manipulation of its currency, the G-7 Finance Ministers, meeting this weekend, agreed that China needs to allow faster appreciation of its currency and lessen reliance on export-led growth strategies.

This really is a significant development. In the world of international diplomacy, gaining the assent of this influential group is huge. We hope this will further pressure China to let its currency float a bit more freely than in the past.

Here’s a link to our press release, praising the G-7’s action, noting its significance but also stressing the need to translate it into action.