Germany’s Schaeuble optimistic on trade imbalance plans
Germany’s finance minister says he remains confident the G20 can reach a deal to reduce global trade imbalances. Wolfgang Schaeuble’s optimistic assessment came on the second and final day of a summit in Paris between the world’s top economic powers. Yesterday, China rejected plans on how to measure exchange rates and currency reserves. “I spoke to my Chinese colleagues for a long time last night, and I am under the impression that China is aware of its responsibility as one of the big players in the world, and knows that it is in its interests that this cooperation goes forward. China is also strongly affected by the development of the global markets and the global economy,” the German finance minister said. Beijing has been accused, especially by the US, of keeping its currency artificially cheap to give it an unfair trade advantage. The summit in the French capital aims to agree a range of economic guidelines designed to avoid a repeat of the 2008 global financial crisis. Copyright © 2011 euronews
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