G20 statement

G20 Finance Ministers and Central Bank Governors Say This about Currencies

April 16, 2016

A statement issued by G20 finance ministers and central bank governors after a two-day meeting in Washington contained this passage regarding currencies and what role governments might play in their determination.  The comments are consistent with what officials have been saying for many years.  Currency manipulation is considered a form of protectionism, but a role […] More

Communique from G20 Finance Ministers and Central Bankers Unlikely to Be a Market Mover

April 17, 2015

The released two-page statement after meetings over two days in Washington contains little to excite market players.  Currency policy is boiled down to a single sentence: “We reaffirm our previous exchange rate commitments and will resist protectionism.”  The negotiations between the Greek government and its creditors is not addressed explicitly.  On the matter of global […] More

Japanese GDP Shocker

November 17, 2014

Japanese real gross domestic product, which had been projected to rebound 0.5% or somewhat more, instead fell another 0.4% last quarter after an upwardly revised 1.9% plunge in 2Q immediately following the economy’s April consumption tax hike.  In annualized terms, GDP fell 7.3% in 2Q and 1.6% in 3Q, revealing an unexpected recession and reviving […] More

G20 Statement from Washington D.C.

April 12, 2014

G20 finance ministers and central bank governors meeting on the periphery of the World Bank/IMF semi-annual meetings released a statement that mostly lays out work to be done before the Brisbane Summit in September.  The statement says nothing about currency market policy coordination.  Strengthening growth is predicted, but vigilance must continue “in the face of […] More

G20 Statement Doesn’t Call Japan a Currency Manipulator

February 16, 2013

A statement released today by Group of Twenty finance ministers and central bank chiefs reiterates general policy principles but, as discovered in earlier leaked drafts, does not sanction the behavior of specific governments, notably the Abe Cabinet in Japan. The paragraph directly dealing with proper currency management (in italics below) asserts that market-determined currency values […] More

Only a Brief Respite after G20 Communique

September 23, 2011

Today is the first day of the semi-annual IMF/World Bank meetings in Washington.  G20 finance ministers and central bankers released a statement overnight that promised a coordinated response to five identified downside risks: Contagion from sovereign debt stresses. Financial systems fragility. Market turbulence. Weak economic growth. Unacceptably high unemployment. European share prices initially rose after […] More

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