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You would have thought that an institute involved in biosecurity like this would have first rate systems for water, air and disinfectant treatment," he said.
The country's spending power overseas is reduced.I have written a lot, in recent weeks, about exchange rate systems.
But it's obvious who the US treasury secretary had in mind in his key passage: "It is very important to see more progress by the major emerging economies to more flexible, more market-oriented exchange rate systems.
Seeking to find common ground on currency valuation, officials agreed to "move toward more market-determined exchange rate systems that reflect underlying economic fundamentals".
"The loan prime rate is aimed at further promoting market-oriented interest rates, improving the benchmark rate systems and guiding the pricing of credit market products," the central bank said in the statement.
MOSCOW — In a concerted move to quiet fears of a so-called currency war, finance officials from the world's largest industrial and emerging economies expressed their commitment on Saturday to "market-determined exchange rate systems and exchange rate flexibility".
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Like other fixed exchange-rate systems, currency boards prevent governments from setting their own interest rates.
Floating exchange rates and booming asset markets have reinforced each other.Previous exchange-rate systems had been linked, directly or indirectly, to gold.
The leaders did, however, agree to "move toward market-determined exchange-rate systems," to avoid trade and currency wars and to coordinate their policies.
That is why the world used to favour fixed exchange-rate systems (such as Bretton Woods, which operated from 1944 to the early 1970s).
But as our recent piece notes, fixed-rate systems are only sustainable, and only continue to boost trade, while domestic politics support prioritisation of exchange-rate stability.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com