Economy

G20 FM meeting closes with agreement on IMF reform, exchange rates

(Xinhua)
Updated: 2010-10-23 17:00

GYEONGJU, South Korea - The G20 ministerial-level meeting on Saturday ended with an agreement on the IMF governance reform and progress on the currency debate.

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"Key elements (of the agreement) include shifts in quota shares to dynamic emerging markets and developing countries and to underrepresented countries of over 6 percent," the G20 finance ministers and central bank governors said in a joint communiqu released as a result of the meeting.

The finance leaders also achieved a leap forward in the currency debate, conveying in the communiqu an explicit message to "move towards more market-determined exchange rate systems."