Alarmist concerns about impending currency wars were temporarily moderated by the G20 finance ministers’ pre-summit meeting in Gyeongju, where they agreed to work towards limits on the current account deficits and surpluses of their balance of payments. But they flared up again with the launch of a new round of quantitative easing – QE2 – by the US, triggering fears of dollar devaluation and floods of hot money into emerging markets. Is it peace or war now on the currency front? Is the Gyeongju “agreement” just another pious wish without practical implications? What does it mean for the G20 summit?
20国集团(G20)财长们在峰会前举行的庆州会议，暂时缓解了杞人忧天者对于汇率战争即将来临的担忧。G20财长们一致同意，力争对经常账户赤字和国际收支盈余设限。但随着美国推出新一轮的定量宽松(QE2)——并由此引发人们对美元贬值和热钱涌入新兴市场的担心——上述担忧再度抬头。眼下汇率方面是一派和平还是烽烟四起？庆州“协议”只是又一个没有实际意义的虔诚愿望吗？对G20峰会而言，这又意味着什么？