G20 convenes amidst an impending Currency War – The world leaders have more to deal with than just trade wars as they meet in Osaka for the annual G20 summit.
A while ago, when the President of the European Central Bank cited the possibility of monetary easing in the Eurozone, U.S. President Donald Trump lashed out at the EU for following unfair practices to compete against the USA. He also lashed out at China and other countries for similar reasons. Well, these comments make no effort to ease the already growing trade wars.
The G20 has always been of the view that manipulating currency for trade purposes is unacceptable but it is fine to change monetary policy for domestic inflation. In the wake of a trade war, Trump has repeatedly raised tariffs on China’s exports, thus slowing China’s economy. Weakening of the Renminbi is only a consequence of this but China is under pressure to limit that as failing to do so might be considered an act of currency manipulation.
As of now, the main focus of the G20 will be on easing the growing trade tensions. If everything goes well between Xi Jinping and Donald Trump, the currency wars can be considered as postponed for now. However, some sources are of the opinion that the US should engage in counter-intervention purposes to compete with countries manipulating their currencies. We have to wait and watch what the G20 has in store for everyone!
—Cited from The Financial Times
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