No FX in G8 drafts
Soon meetings of G8 leaders plus G5 emerging market economies will take place to discuss worldwide topics. Among the draft statements being prepared for the meetings, there have been no direct references to currency or foreign exchange. The texts are being drafted for publication at meetings on Wednesday of leaders of the G8 economic powers and Thursday of those leaders plus G5 leaders.
The meetings are being very closely watched by financial markets because of China's debate on global reserve currencies. They are arguing that that there should be a shift away from a global financial system dependent on the US dollar. Draft statements thus far have been mainly focused on sustainable long-term economic growth, and will focus on currency matters in the near future.