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S Korea's top economic official hints at "incremental bounces" on currency issue at G20

11-12-2010 15:55 BJT Special Report:5th G20 Summit in Seoul |

SEOUL, Nov. 12 (Xinhua) -- A senior South Korean economic official said Friday the ongoing G20 Summit is hoped to make "incremental bounces" over the thorny currency issue through coordinated and multilateral efforts.

"Continuing the process made at the Gyeongju Finance Ministers' Meeting, we are on a way to make incremental bounces," Shin Hyun- song, senior economic advisor to South Korean President Lee Myung- bak told reporters at a briefing, when asked on a progress at the G20 summit regarding the so-called currency war.

Recognizing how grave the issue is in terms of its broad spillover effects, the official said the purpose of the G20 is to be able to discuss for the sake of mutual interest and come to set of conclusions.

Although Shin avoided going into details of the discussion process on the leaders' summit table, he showed optimism that the meeting will move a step forward from agreements reached at the Gyeongju meeting.

In late October, finance ministers and central bank governors met in Gyeongju and made consensus on "moving towards more market determined exchange rate systems that reflect underlying economic fundamentals," according to the joint communiqu.

According to Shin, the statement, while fully reflecting the independence of market system, did not mean that the government can intervene in the market system, mentioning the government's role to adjust the market situation when in breach of economic fundamentals.

Earlier in the morning, opening the plenary sessions, South Korean President Lee Myung-bak said "big progress" was made at the G20 talks.

Meanwhile, the economic advisor emphasized "macroprudential policy frameworks to mitigate the impact of excessive capital flows," which was also agreed upon in Gyeongju, and mentioned the Seoul Declaration to be released at the end of the Summit would also convey leaders' common understanding on the issue.

The talks on macroprudential policy frameworks regarding capital overflows were brought to the discussion table in order to address the perspective of emerging countries in financial regulatory reforms, Shin said.

Shin that the new recommendatory regulation has little to do with capital control, but is more dealing with financial market stabilization, particularly of emerging markets.

Including the discussions on macroprudential policy frameworks, the fourth plenary session began on financial regulatory reform.

Editor:Jin Lin |Source: Xinhua

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