Corporate foreign exchange news

G7 'may not release foreign exchange statement'

Friday, 02 October 2009 10:01:52 GMT

The G7 may choose not to release guidance on the state of global currency trading, forcing central banking institutions to look elsewhere for signals to shape interest rate-setting policy.
Speaking anonymously to Bloomberg, several officials close to the talks, which take place in Istanbul this weekend, said that the role of the G7 has come into question as the G20 has come to predominate as the forum for international economic cooperation.
"There may be communication difficulties as policy makers misspeak and inject volatility into markets. It will take a few rounds of G7 and G20 meetings to form a collective opinion on currencies," said Stephen Chen, a managing director at BlueGold Capital Management in London.
The G7 has also been in the spotlight this week after it emerged that finance ministers of the member states may discuss the rising strength of the euro and consider methods to keep appreciation down in order to promote recovery through exports and tourism.ADNFCR-2522-ID-19389758-ADNFCR
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