There is no reason for the Group of Seven's communique on Friday to show any change in language on currencies from the statement at its last meeting, a Group of Seven official said. "There is no reason for the paragraph on currencies to change. For the moment, there has been a realignment. There is volatility but no currency that has broken away completely," the official said.
After its meeting in February, the G7 welcomed China's commitment to move to a more flexible exchange rate. It also said excess volatility in exchange rates had adverse implications for economic and financial stability, and the group would continue to monitor exchange markets closely.
On the global economy, the official said "the situation is negative but all the news is not uniformly gray. In such a context what is important is to put in place what has been decided to bring back growth." "The idea is not to add any new measures."