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South Korea, the host country wants to create a mechanism to protect the global financial system. The G20 finance ministers will assess this weekend in South Korea, the world economic situation anddiscuss the IMF reform and financial system, with the tensions created by the "war of currencies" as main discussions. During the preparatory meeting for the summit on 11 and 12 November in Seoul, thehost country wants to direct a "South Korean initiative" aimed to make their mark as chair of G20 and emerging powers. While the world is still struggling to overcome the crisis of 2008/2009, SouthKorea wants to create a mechanism to protect the global financial system, with the aim of safeguarding the emerging market shocks caused by sudden changes in capital flows. Meeting in Gyeongju(southeast), the ministers will assess the health of the global economy and discuss the reform of the International Monetary Fund (IMF) to strengthen the position of emerging countries and financialregulations. South Korea also wants the issue of development occupies an important place for the first time in the agenda of the G20.
Despite these laudable projects, the meeting in the small coastal townshould be dominated by the 'war of currencies ", an issue of increasing concern to major global economic players. The exchange rate issue is not "a duel in a Western," said former South Korean FinanceMinister, Yoon Jeung-Hyun. "South Korea will stress that a war of currencies equivalent to mutual destruction of the economy and push for a commitment," said a senior South Korean, who declined toreveal his identity, was quoted by the local agency Yonhap. The great center of this debate is the Yuan, Chinese currency, which the United States and other Western powers is undervalued to support exportsof the Asian giant, which affects the balance of trade of these countries with China. For his part, China said last week accusing the United States to carry on their backs China's internal economic...
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