G20 starts final day of talks amid currency fears

October 23, 2010 07:37


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GYEONGJU, South Korea — Top finance officials from the world's major economies hunkered down Saturday for final day of talks aimed at quelling fears of a possible trade war sparked by competition over currency rates.

The gathering of Group of 20 finance ministers and central bank governors comes just two weeks after their meeting in Washington failed to resolve differences that have led to growing worry that a rift over exchange rates between advanced and developing countries could deal a further blow to the global economy.

Finance ministers and central bank governors from the G-20, which accounts for 85 percent of the global economy, began meeting Saturday about an hour behind schedule, said Kim Young-min, a spokesman for South Korea's Ministry of Strategy and Finance. Before the full session, finance ministers held a separate meeting, said D.S. Malik, a press official at India's finance ministry.

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