Saturday September 16, 2006 - 19:31:19 GMT
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Reuters - www.reuters.com
G7 final communique has broadly same language as draft
CORRECTED - CORRECTED-G7 final communique has broadly same language as draft
Sat Sep 16, 2006 7:54am ET
Corrects first paragraph to say "broadly the same language" instead of "the same language" and alters headline to conform; corrects second paragraph to say "The main difference" instead of "The only difference".
SINGAPORE, Sept 16 (Reuters) - The Group of Seven industrialised powers on Saturday released a final communique which had broadly the same language as a draft text published by Reuters earlier in the day.
The main difference between the two was that the draft version did not include comments on currencies, which the final communique did.
Those currency comments were identical to what was said when the G7 issued a communique following a meeting in April.
In the section on currencies, the G7 said emerging economies need to let their currencies move more freely to help reduce global economic imbalances, the Group of Seven industrial nations said on Saturday.
G7 finance ministers and central bank governors said China in particular had a responsibility to let its currency rise more quickly.
"Greater exchange rate flexibility is desirable in emerging economies with large current account surpluses, especially China, for necessary adjustments to occur," the G7 said after an afternoon of talks.
"We reaffirm that exchange rates should reflect economic fundamentals. Excess volatility and disorderly movements in exchange rates are undesirable for economic growth," the communique said.
The G7 -- the United States, Japan, Germany, Britain, France, Italy and Canada -- met ahead of the annual meetings of the International Monetary Fund and World Bank, being held this year in Singapore.
To see the text of the draft communique, click on [TEXT-G7].
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