G20 in Seoul to include currency talks

Seoul -- South Korean President Lee Myung-bak said the Group of 20 summit meeting in Seoul would include discussions on international currency rates.

"There are growing worries as the economy faces uncertainties. Now is the time for the world to cooperate," he said. "In that sense, the Seoul G20 summit has various pending issues to discuss, including exchange rates, which need international coordination," Lee said during a meeting with financial experts, Yonhap News reported Thursday.

The summit meeting is scheduled for Nov. 11-12. In recent months, China has come under increasing pressure to allow its currency to appreciate as its relatively low value makes Chinese exports cheaper in other countries.

A month ago, South Korean Finance Minister Yoon Jeung-hyun said a discussion of exchange rates at the summit meeting would undermine other key initiatives, including international financial reforms.

Copyright 2010 United Press International, Inc. (UPI).

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