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G20 finance ministers' meeting closes with agreement on IMF reform, market-determined exchange rates

10-23-2010 16:19 BJT

GYEONGJU, South Korea, Oct. 23 (Xinhua) -- The G20 ministerial- level meeting on Saturday ended with an agreement on the IMF governance reform and progress on the currency debate.

"Key elements (of the agreement) include shifts in quota shares to dynamic emerging markets and developing countries and to underrepresented countries of over 6 percent," the G20 finance ministers and central bank governors said in a joint communiqu released as a result of the meeting.

The finance leaders also achieved a leap forward in the currency debate, conveying in the communique an explicit message to "move towards more market-determined exchange rate systems."


Editor:Zhang Pengfei |Source: Xinhua

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