http://news.xinhuanet.com/english2010/china/2010-11/11/c_13602308.htm
2010-11-11 16:49:45
SEOUL, Nov. 11 (Xinhua) -- Chinese President Hu Jintao and his Russian counterpart Dmitry Medvedev met here Thursday to discuss the development of the China-Russia strategic partnership of coordination.
The two presidents are also expected to exchange views on major world and regional issues of common concern.
They met on the sidelines of the fifth Group of 20 (G20) summit slated for Thursday and Friday.
11/11 11:28 Extending Kyoto Protocol won't help tackle global warming - Russian G20 delegate
http://www.interfax.com/
11/11 11:34 G20 Seoul summit to approve plan to help poor nations – source
http://www.interfax.com/newsinf.asp?id=201110
Russia calls for risk management system based on IMF
http://www.rbcnews.com/free/20101111112507.shtml
RBC, 11.11.2010, Seoul 11:25:07.Russia has proposed the creation of a risk management system on the basis of the International Monetary Fund (IMF), in which governments or market participants may act as insurers. The announcement was made in documents prepared by the Russian delegation for the G20 summit in Seoul. According to Russian negotiators, the system could serve as an alternative to South Korea's proposed financial security network aimed at ensuring immediate access to financial resources in case of a crisis or potential impending crisis. Specifically, Seoul has proposed schemes for opening credit lines to countries without posing requirements for economic policy.
"In general, we support South Korea's initiative, but believe that we must come up with alternatives to the global financial security network. We can return to the idea of "a last resort creditor," whose functions the IMF does not yet perform. Another option is to create a system for risk management on the basis of the IMF," the Russian delegation's documents read. Apart from that, Russia suggests using regional credit mechanisms more widely, including reserve and anti-crisis funds.
Russia backs gradual removal of credit ratings from regulation instruments
http://en.rian.ru/russia/20101111/161288912.html
12:25 11/11/2010
SEOUL, November 11 (RIA Novosti) - Russia supports the gradually exclusion of credit ratings from financial and economic regulation and believes that their use should be balanced with other economic analysis tools, a source in the Russian G20 Group delegation in Seoul said on Thursday.
In particular, credit ratings could be replaced by other assessment mechanisms in many areas of financial regulation, the source said.
However, Russia understands that a large-scale effort to restrict the use of ratings could create some problems and cause investors' distrust for ratings and rating agencies and hinder investment decisions.
Moreover, the introduction of alternative assessment mechanisms will require time in some areas and therefore credit rating actions cannot be replaced in the near future, the source said.
Russia favors a system of state control over rating agencies and their enhanced responsibility for the quality of their rating actions through regulative norms, the source said.
Russia against U.S. current account limits proposal
http://en.rian.ru/business/20101111/161288826.html
12:17 11/11/2010
Russia will not support a U.S. initiative to limit current account balances to four percent of gross domestic product (GDP), a Russian delegation source at the G20 summit said on Thursday.
"As part of our work to reduce global imbalances, Russia does not support the U.S. proposal to impose curbs of four percent of GDP on current account deficits or surpluses in a short or medium term," he said.
Last month the U.S. put forward the idea of current account limits as a method of measuring when imbalances can cause problems in the global trading system and become unsustainable.
The proposal was supported by most G20 countries, but was strongly opposed by emerging market states.
"We need a more flexible approach than that proposed by the U.S., as there are countries where surplus is an equilibrium phenomenon and is caused by, for example, a demographic structure or a high share of natural resources exports. The IMF should to take into account features and economic conditions of each country, when developing specific recommendations," the source said.
SEOUL, November 11 (RIA Novosti)
RF concerned some states seeking weaker currency exchange rate
http://www.itar-tass.com/eng/level2.html?NewsID=15670230&PageNum=0
11.11.2010, 10.48
SEOUL, November 11 (Itar-Tass) -- Russia is concerned over some countries seeking to weaken their currency exchange rates in order to boost their economies without coordination with other partners, a source in the Russian delegation at the G20 summit told Itar-Tass on Thursday.
“We are particularly concerned over the attempts of some countries to take unilateral decisions to weaken their currency exchange rates in order to boost their economic growth without coordination with other partners. We believe that such steps make the participants in the market more nervous and the exchange rates of the leading currencies more volatile inciting fears about the launch of ‘the currency wars’ on the international scene,” the source noted.
Russia to voice concern over unilateral economic decisions at G20 - source
http://en.rian.ru/business/20101111/161288348.html
11:49 11/11/2010
Russia will voice its concern over some countries' decisions to weaken their currencies without consultations with partners as it makes markets jittery and raises fears of the start of currency wars, a source in the Russian delegation to the G20 summit said on Thursday.
"We are not only talking of direct interventions on the foreign exchange market, but also of indirect exchange rate weakening through pumping liquidity into the economy. The creation of excessive liquidity by leading developed countries is also a serious problem for emerging states as this generates a considerable speculative capital inflow to their markets," he said.
Earlier in November, presidential aide Arkady Dvorkovich said that Russia wanted G20 states to coordinate their important financial decisions with other group participants following the U.S. Federal Reserve System's decision to increase monetary supply by 30%, which many analysts say will cause speculative bubbles on global markets.
The source said that the Russian delegation believes that supporting stability of the main reserve currencies, effective management of public finances, and a stable monetary policy in developed countries were an indispensable condition for further growth.
"This is why coordinated measures taken under the auspice of the IMF and other international organizations are a necessary condition for stable, sustainable and balanced economic growth and the achievement of a mutually profitable development of the global economy," he said.
"The utmost attention should be paid to structural changes in the economies of developed and emerging states."
He also said that global economy was in a "vicious circle, where governments of leading developed countries are obliged to allocate considerable resources to save banking institutes, which result in poorer budget indices and the necessity to cut other state expenses."
An aging population in the developed countries also puts severe strain on state debt and budget deficits, he said.
SEOUL, November 11 (RIA Novosti)
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