G-20 on collision course

11-10-2010 • AsiaTimes.com

But what if the meetings surrounding the summit get heated, what if the "sherpas", the special word for the senior finance people from each country who are spending much of the week frantically trying to iron out differences, are so taken aback by the latest US solution to its problems that they really get stuck on coming up with a fresh formula? With G-20 countries at severe odds on the dominant issue of US-led demands, South Korea basks in the spotlight of center stage. Jang Ha-sung, dean of the business school at Korea University, sees "China, India and Korea together as the largest portion of the emerging market countries". When it comes to the issues that never go away, those of imbalances in currency, trade and income, Jang makes an extraordinary prediction that may not sit well with Geithner's incessant demands for the revaluation of China's currency. "My sense is the Chinese yuan will be one of the world's top currencies," he says. "The Chinese yuan will be stronger than the Japanese yen or even the euro or the dollar, and the Chinese will play a key role in global recovery."