Kyodo News Agency reported that Japanese Prime Minister Naoto Kan published 14 APEC conference declaration said the leaders agreed to avoid the competitive devaluations and increased level of market-driven foreign exchange system. The statement with the Group of Twenty (G20) adopted by the Summit in Seoul, “Seoul Declaration” echoes.

On the exchange rate, “Seoul Declaration” written, the parties should be taken by the market-determined exchange rate system, greater exchange rate flexibility in order to reflect economic fundamentals, restraint competitive devaluations.

Analysis that the two meetings after the introduction of the Universal Declaration, easing market concerns about the exchange rate war and trade war, while also easing disorderly depreciation of the dollar risk.

APEC meeting were published in the “Leaders Declaration”, “leaders of the political review of the Bogor Declaration goals,” “leaders of the growth strategy,” “establishment of the Asia-Pacific Free Trade Area of the possible ways” and four outcome document, propose to by 103 other regional free trade arrangements, and gradually build the Asia-Pacific free trade zone, a regional economic integration into the force; to avoid competitive devaluations behavior, towards a more market-driven exchange rate system; also to maintain food security, disaster prevention and reduction reached important consensus on cooperation and other issues. Chinese Delegation Spokesperson Jiang Yu said China is satisfied with the results of the meeting.

In fact, both in the APEC meeting in Yokohama, or in the G20 summit in Seoul, all appears as expected in a fierce dispute over the exchange rate.

Summit in Seoul, the United States against China’s exchange rate and current account balance moved, the participating parties fierce debate, culminating in the “Seoul Declaration” adopted compromise. Seoul summit to exchange rate policy and coordination of the four recommendations made clear the G20 finance ministers and central bank governors Korea Gyeongju outcome of the meeting, the participating parties that will promote a more market-oriented exchange rate regime, to avoid competitive devaluations.

“Seoul Declaration” not only reached at the meeting reaffirmed the principle of Gyeongju, there are further improved. In early November the Fed announced the introduction of the second round of the quantitative easing policy, the impact of emerging markets on concerns about hot money increased, therefore, the summit highlighted, including the international reserve currency issuing countries, including the commitment of developed economies, excessive volatility and disorderly exchange rate changes vigilant in order to reduce some emerging market countries face the risk of excessive volatility of capital flows.

“G20 summit in Seoul, the exchange rate greatly reduced the threat of war.” Russian President Dmitry Medvedev said after the summit concluded, should be a positive view of the future.

The summit in Seoul, South Korean President Lee Myung-bak will host a press conference after the meeting, said in Seoul reached a tangible outcome of the summit, the world will get rid of the exchange rate after the war, the exchange rate will gradually stabilize. He also said that emerging economies vulnerable to the impact of excessive cross-border capital, so any one country can be taken to curb, South Korea will curb excessive liquidity.

However, G20 summit in Seoul, the results apparently did not make the United States President Barack Obama satisfaction in a press conference after the summit, Obama continued to respect the yuan is undervalued. 1 day of APEC in the Yokohama meeting, Obama once again put pressure on the RMB exchange rate, saying the undervalued yuan to help China to export growth.

Meeting in Yokohama, the United States reiterated its summit in Seoul, the motion, to revalue its currency, reduce exports to stimulate domestic demand; the Chinese side insists that the RMB exchange rate reform must be gradual, and criticized the U.S. policy of quantitative easing.

Chinese President Hu Jintao at the APEC CEO Summit, entitled “Sharing the common development and prosperity” of the speech, pointed out that China will unswervingly take the road of peaceful development, adhere to their own development and common prosperity of all countries work closely together, efforts to promote common development and make efforts in the following areas: (a) continue to adhere to an open development; (b) continue to adhere to the common development; (c) continue to adhere to internal and external balance, China will continue to follow the initiative, controllability and gradual of the principle of steady progress in the reform of RMB exchange rate formation mechanism; (d) continue to adhere to sustainable development. China will adhere to common but differentiated responsibilities, with the international community to combat climate change.

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