Finance ministers from the G20 nations have insisted the global economy has nothing to fear from a China slowdown as they tried to dispel the pall of gloom that has been cast by sagging growth and market turmoil.
At the end of a two-day meeting in Turkey the representatives, accounting for 85 per cent of the world’s output, expressed confidence in the economic forecast in spite of evidence that global growth is falling short of expectations.
European ministers showed firm support for Beijing, which convinced many G20 officials that its devaluation and new currency management arrangements constituted a step towards a more market-determined exchange rate rather than a ploy to boost exports.
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