G7/8 Finance Ministers Meetings

G7 Statement on Exchange Rates
October 10, 2008, Washington DC

See also G7 Finance Ministers and Central Bankers Plan of Action (October 10)
• See also Statement by U.S. treasury secretary Henry Paulson (October 10)

• See also Statement by U.S. president George Bush after meeting with G7 finance ministers (October 11)

• See also Statement by U.S. under treasury secretary David McCormick (October 8)

We reaffirm our shared interest in a strong and stable international financial system. Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.

We continue to monitor exchange rate markets closely and cooperate as appropriate.

Given China's important role in the global economy we encourage the authorities to allow accelerated appreciation of the RMB effective exchange rate as a means of further rebalancing of the domestic economy and promoting external stability.

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Source: Reuters