G-20 Adjourns Without Hitting China On Currency

Law360, New York (November 12, 2010, 11:41 AM EST) -- Leaders from the major world economies have closed the G-20 summit in Seoul, South Korea, without taking aggressive action against China’s export-boosting currency manipulation, despite the urging of President Barack Obama and others.

Obama joined China's President Hu Jintao and other G-20 leaders in a joint statement at the close of the two-day summit Thursday, calling on member nations to refrain from competitive devaluation of their currencies, but opted against the more specific term “competitive undervaluation” favored by U.S. Treasury Secretary Timothy Geithner.

Devaluing a nation’s...
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