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G20 finance deputies discussed global debt crisis

By REUTERS

AUGUST 7, 2011 07:43

SEOUL - Finance deputies from the Group of 20 major economies held a conference call on Sunday morning Korea time to discuss the European debt crisis and US ratings downgrade, South Korean Deputy Finance Minister Choi Jong-ku told Reuters.

South Korea's trust in US Treasury debt securities had not changed despite the US loss of its AAA credit rating, Choi added.

He declined to elaborate on the G20 discussion.

"I expressed our country's position at the call that there will be no sudden change in our reserve management policy," Choi said by telephone, referring to the country's heavy ownership of US bonds out of more than $300 billion in foreign reserves.

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