G-20 Finance Ministers and Central Bank Chiefs Meet

The two-day meeting of finance ministers and heads of central banks from G-20 nations began on October 23 at the South Korean city of Gyeongju in the run up to next month's G-20 summit at Seoul. The most contentious and controversial issue is the currency exchange rates of developing nations, especially China. The U.S. Treasury chief Timothy Geithner is in favor of numerical targets for current account balance for deficit/surplus that would trigger adjustment of currency exchange rates. However, developing nations are fiercely opposed to this mechanism.