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G7 Officials Press China on Yuan

After a two-day meeting, they say a move in the Chinese currency would be desirable.
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Finance ministers and central bankers are turning up the pressure ever so slightly on China to allow its currency to fluctuate.

In a statement after two days of talks in Essen, Germany, they said, "In emerging economies with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments will occur," according to a report from

Dow Jones Newswires

The statement marked a change in tone from previous pronouncements, where the G7 has asked China to allow its currency, the yuan, greater flexibility to respond to market forces, the report noted.

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The G7 officials also said global growth is more balanced, while economic performance in their own nations "remains favorable."

Notably absent from the statement, however, was any mention of the Japanese currency or interest rates. There has been concern that recent weakness in the yen could hurt other economies.

The G7, or Group of Seven, nations are: Britain, Canada, France, Germany, Italy, Japan and the U.S.