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"If the exchange rate issue is politicized, then, in coping with the global financial crisis, this will be of no help in coordination between the parties involved," Yao Jian, a Chinese Commerce Ministry spokesman, said at a regular news conference.
A Japanese official, briefing reporters, said it was his understanding that "they have currently not yet decided whether the exchange rate issue should be included in the final summary," which will be approved Tuesday when the remaining leaders end the meeting.
But Mr. Ma said the bill would "further escalate the exchange rate issue by adopting protectionist measures with an excuse of 'currency imbalance.' " While the specter of the Senate bill may have vexed Chinese officials, its prospects for passage on Capitol Hill seemed dim.
That's what the Peterson Institute's Fred Bergsten argued in a recent Financial Times piece, and the willingness of administration officials to be more assertive on the exchange rate issue offers some support to the idea.Obviously, anything can happen when unemployment is near 10%, particularly when elections loom.
What about the basic discussion we should be having, though, with our American partners about the situation, the risk of their economy going into a recession, the problem with organising decoupling at the start of this recession, and of course, the exchange rate issue?
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But there was no mention of exchange rate issues in the description of the agenda for the meeting in Tokyo.
In last week's announcement of Treasury Secretary John W. Snow's visit to Japan and China next week, the Treasury Department said that "exchange rate issues" would be discussed during the visit to Bejing.
Yoon Jeung-hyun, the South Korean finance minister, said the agreement would help remove "uncertainty in the global markets such as the foreign exchange rate issues".
It remained unclear whether Mr. Geithner was signaling that Mr. Obama would officially declare later this spring that China was engaging in currency manipulation, when the administration is required by a 20-year-old trade law to report to Congress on exchange rate issues.
However, when currency exchange rate issues and a net £166m of exceptional costs, mainly from the closure of 30 B&Q stores over the year, were taken into account, headline profits slumped by 20.5% to £512m.
"Generally speaking, it makes sense for an overseas mortgage, and the income used to service the mortgage repayments, to be in the same currency, thus avoiding exchange rate issues," says Gorrill.
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