That would be a marked change from China’s outsider role at the first G-20 summit in 2008 that grew out of that year’s global financial crisis.
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Says yuan less volatile than major currencies after Brexit shock * Yuan stability helped by G20 vow to avoid competitive devaluations * Says to keep liquidity ample, monetary policy to support reforms (Adds details, quotes) BEIJING, Sept 1 (Reuters) – China’s yuan remains relatively stable despite recent fluctuations, Yi Gang, a deputy governor of the People’s Bank of China (PBOC), said on Thursday. It is therefore time to seriously reflect on and deal with the main charges levelled against it, among which is that it has left many behind.
He said China is looking to use market principles to address industrial overcapacity.
While US government officials privately recognize many of these issues are too large and complex to fully resolve at the G20, there is some hope that China’s host nation status and the global spotlight on Hangzhou may spur China to action.
This is the first time for China to host the G20 summit. They include the consequences of Britain’s vote to leave the European Union, widespread terrorist attacks and the ongoing conflict in Syria.
So far 23 countries have done so, but 55 nations accounting for 58 percent of emissions have indicated they will approve the deal by the end of the year, said Andrew Light, a senior fellow at WRI and a former U.S. State Department climate adviser.
“So they may carry forward their talks to the next meeting”, an official said. “The question is whether all G20 countries will make a similar commitment”, he said. “And that risk is magnified by the way in which fossil fuel subsidies distort the energy market”. The remarks also point to the rising awareness among leaders of advanced economies that support for global trade and financial integration can not be taken as a given.
Diverging from the practice of previous years, five developing countries outside of the G20-Chad, Laos, Egypt, Senegal, and Kazakhstan-were invited to attend this year’s summit to give those states a stronger voice, as an echo of the 2016 theme: Innovative, Invigorated, Interconnected, and Inclusive.
On Monday, UN secretary-general Ban Ki Moon welcomed efforts under China’s presidency to “manage global headwinds and promote a new path for growth, trade and investment”.
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“If we’re to move from today’s high-carbon, low-efficiency world economy to tomorrow’s high-efficiency, low-carbon world economy, quite a lot needs to shift”, he said.
