The G20 are gearing up for their big meeting in Seoul, South Korea this weekend that was meant to solve the global “currency war” problem.
It’s more likely attendants will be buying nicknaks and drinking soju.
From the looks of it, all the G20 leaders have been able to agree on is that they rather like where they stood a month ago, and see no reason to change their statements.
That means no agreements on where the yuan will move, on competitive devaluations, or on targets for trade surpluses or deficits, according to the Wall Street Journal [http://online.wsj.com/article/SB10001424052748704804504575606503406947416.html].
The result will be a pact where countries agree to move positively on these things, but with no targets. They’ll likely all say no to protectionism, then go home and do what they want.