G7 hails China's crisis actions, pledges support

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WASHINGTON, April 25 (AFP): The G7 major economies yesterday hailed the contribution of "many countries," including China, in the fight against the global economic crisis and pledged to work toward increasing their clout in international financial institutions.
"Many countries are now playing a major role in the global economy and we welcome their contribution to the collective international effort to promote recovery," Group of Seven finance officials said in a statement following a meeting in Washington.
"We welcome China's continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the renminbi in effective terms and help promote more balanced growth in China and in the world economy," the G7 finance ministers and central bank governors said.
The G7 added that they "will work with our international partners to modernise the governance of the international financial institutions in order to enhance their relevance, effectiveness, and legitimacy."
On several occasions, the G7 -- Britain, Canada, France, Germany, Italy, Japan and the United States-have accused China of keeping its currency undervalued in order to boost its exports.
US Treasury Secretary Timothy Geithner, in a January Senate confirmation hearing, reiterated the accusation that China manipulated its currency, raising hackles in Beijing in the first days of President Barack Obama's administration.
Since then, the Treasury has been less harsh on China-in its latest report on currency manipulators, issued in early April, it named no country.