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G20 members except China agree to work toward cutting global imbalances

G20 members except China agree to work toward cutting global imbalances

The finance chiefs of the Group of 20 leading economies, except those from China, agreed Tuesday on the importance of removing nonmarket policies to curb global trade imbalances."We agree that countries should take steps to eliminate nonmarket policies and practices that exacerbate imbalances," the G20 chair's statement said after the conclusion of a two-day meeting in Asheville, North Carolina.The finance ministers and central bank governors of the other members confirmed that countries, especially those with excessive and long-running external surpluses, should "remove distortions that constrain domestic consumption and that result in an overreliance on exports for growth," according to the statement.All of the finance chiefs reaffirmed the group's commitment to ensure that exchange rat…

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