Friday, November 12, 2010




World Leaders Wrap Up G20; currency dispute sways talks

President Obama was in South Korea, the third stop of his four-nation visit to Asia, to attend the Group of 20 (G20) summit in Seoul. The 23 country gathering have concluded talks dominated by global currency policies.

Under the theme, "Shared Growth Beyond Crisis," world leaders wrapped up the second and final day of talks on key economic policy issues. The summit aimed to continue on-going international cooperation for global recovery. President Obama and U.S. officials entered the conference with hopes of straightening out global trade imbalances and hammer out key economic strategies with China.

China and other emerging markets have criticized the U.S. for the perceived undermining of their respective currencies. This backlash is due to the Federal Reserve's recently announced plans to inject $600 billion into the U.S. economy, an act that participating G20 nations pledged not to engage in at their last summit for concern of escalating an international currency war.

At the summit, President Obama participated in plenary sessions and took part in the G-20 "family photo." He also held a press conference earlier this morning.

Currently, he is in Japan to attend the Asia-Pacific Economic Cooperation (APEC) summit and meet with Japanese Prime Minister Naoto Kan.


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