G8 Communique on exchange rate and reserve currency

Yesterday, the G8 L ' Aquila Summit began.　　U.S. President Barack Obama, Japanese Prime Minister Taro Aso, French President Nicolas Sarkozy and so on before the photo with a female official jokingly.　　Agreed to 2010 years to complete the Doha round negotiations to halve greenhouse gas emissions targets lost Fang Xiao Rumble aftershocks, the group of Eight (G8) leaders at noon yesterday in the central Italian city Aquila held a working lunch, marking the 3-day G8 Summit of the official opening of the meeting. However, given the current situation in Xinjiang, Chinese President Hu Jintao returned home early in the early hours of July 8 local time after ending his state visit to Italy. State Councilor Dai Bingguo will represent Hu Jintao at the meeting of leaders of the Group of eight and developing countries.　　The Wall Street Journal argues that Mr Hu's absence could reduce the level of interest in financial markets for the summit. On the basis of the draft communiqué of the G8 meeting with leaders of developing countries, which was disclosed in advance by the media, it pledged to ensure medium-term fiscal stability and stressed that the global economy and financial markets still faced risks. But the draft does not directly address the issue of exchange rates and reserve currencies, which are widely concerned. Earlier sources said the G8 meeting might look at the dollar's status as a premier global reserve currency.　　Rumours of a search for a dollar alternative have put the dollar under pressure in recent weeks. "In order to achieve stable and sustainable long-term development, it is necessary to smooth the current balance of payments imbalances."　　The draft communique says. China's limited influence on the communiqué, Mr Fukui, a senior market economist at the industry bank, told the Wall Street Journal that Mr Hu's absence could mean a reduction in the likelihood that China would replace the dollar's status as a key international reserve currency at the summit. But Ben Sinfendorfor, an economist at RBS, said the early return of Mr Hu was unlikely to have an impact on the G8 summit.　　He pointed out that China and other developing countries are not G8 Member States, this time only as observers to the Summit, so they have limited influence on the final communiqué of the Conference, the communiqué mentions the dollar issue is not likely. The report said Sinfendorfor also said the summit agenda was carefully planned, so the possibility of States issuing statements alone was very limited.　　A trader in Shanghai, a foreign bank, said that even if Mr Hu were to attend the summit, the dollar could serve as the global reserve currency for a long time, as the creation of an alternative system still needed to overcome many technical difficulties. Yafei, Vice Foreign Minister of China, said in Rome 5th that the creation of a supranational international reserve currency is only a discussion in academia, not the Chinese government's position.　　This is the first time that Chinese officials have explicitly cleared the idea out of the government's stance. Only the approval warming can not exceed 2 ℃ tackling climate change is also the top issue of the G8 conference. The Forum on energy security and climate change, to be held today, is an important part of the conference.　　The participants included 17 countries that produced 75% of the world's greenhouse gas emissions. The meeting was chaired by U.S. President Barack Obama, but he will face a tough test. EU countries like Britain, France and Italy want global warmingRoom gas emissions were reduced by 50% by 2050.　　British Prime Minister Gordon Brown has also proposed a 100 billion-pound annual aid program that lasts until 2020 to provide technical support to developing countries in tackling climate change.　　But the draft conference showed that the forum would not set a digital target for global greenhouse gas emissions reduction, but would recognise the scientific view that global temperature rises could not exceed 2 degrees Celsius.　　G8 also need G5 help Doha negotiations By contrast, trade may be the only area where progress can be made. The leaders of G8 Brazil, India, China, Mexico and South Africa (G5) will today agree to the success of the Doha Round negotiations in 2010. "The leaders pledged to negotiate a fruitful and balanced agreement for Doha in 2010 to complete the negotiations on the basis of the results achieved."　　"The draft bulletin is called. Yesterday, G8 has issued a statement promising to negotiate an agreement as soon as possible but has not set an exact date. "Only G8 cannot reach Doha negotiations, and it takes G5 country's consent to have a real chance of success, which is why the second day's statement is so important," he said.　　"said G8, a source.　　G8 the draft communique the economic and financial stability still faces great risks; economic and financial stability signals include a rebound in equities, a commitment to ensure fiscal sustainability in the medium term, stimulus measures that coincide with price stability and fiscal sustainability, and the need to prepare for exit strategies once the economic recovery is established; Want swift action against tax havens, a call for lower energy price volatility, a commitment to quickly reach agreement on a Doha round of global trade talks, and a directive to trade ministers to meet before September 20.