《金融英語(yǔ)閱讀》：

　　In October 2010, finance ministers congregated in Washington, D.C. for the 2010 annual IMF and World Bank meetings, which were expected to be dominated by talks of currency war. Just prior to the IMF meeting, the Institute of International Finance had called for leading countries to agree on a currency pact to aid the rebalancing of the world economy and to avert the threat of competitive devaluation. The meeting was held amid warnings that weaker exchange rates risk hurting the global economy, which was already wlnerable due to the financial crisis. There were concerns about tit-for-tat protectionism at a time when the increase rate of global economy growth was already slowing.

　　Canadian finance minister, Jim Flaherty said "This is a crucial time that we need to address the commitment of our leaders to free trade, that we avoid protectionist measures." His US counterpart, Timothy Geithner added that "global rebalancing is not progressing as well as needed to avoid threats to the global economic recovery." Various international finance ministers said the IMF should help abating the possibility of a currency war by encouraging initiatives to expand national economies without hurting that of other countries.

　　The IMF, in turn, urged most developed countries to boost exports, and for some emerging markets to enhance domestic consumption and to let their currencies appreciate. Dominique Strauss-Kahn said the IMF would highlight the linkages between economies as part of a "systemic stability initiative." Its steering committee added that it should work on capital flows, exchange rate movements and the accumulation of capital reserves. Strauss-Kahn also said "There is clearly the idea beginning to circulate that currencies can be used as a policy weapon ... Translated into action, such an idea would represent a very serious risk to the global recovery ... Any such approach would have a negative and very damaging long run impact." Australia's federal treasurer, Wayne Swan played down rumors of a currency war saying global financial ministers were working in a coordinated way to deal with "exchange rate reform." However, the opposition's finance minister, Andrew Robb, warned that with some countries deliberately devaluing their currencies other countries may retaliate thus causing a "trade war', and he urged Swann to alert "all of these other major countries to the very damaging implications of a currency war."

　　During the IMF meeting, there was disagreement based on conflicting views about how to sustain a recovery from the global recession. Countries led by the United States preferred flexible exchange rates, while others led by China, resisted calls to appreciate their currency. The IMF meeting in Washington, D.C. was inconclusive, as China rejected calls to allow rapid appreciation of its currency.

　　The Financial Times reported "the battle lines were drawn" as China accused the US of destabilizing emerging economies with a "ultra-loose monetary policy," and the US wanted the IMF to intensify focus on both the exchange rates and the reserve accumulation of China. Reuters suggested a currency war is already underway, with both China and the United States "winning the race" to devalue their currencies while pushing up the value of the Euro, the Yen and the currencies of many emerging economies. However, it added that with increasing rhetoric everyone will lose out.

　　Martin Wolf has opined that the US will inevitably win a currency war and is concerned that the adverse consequences will fall unequally on other countries, suggesting its far better getting a collaborative solution agreement on at the November G20. A contrasting view was published on 19 October, with a paper from Chinese economist Yiping Huang arguing that the US did not win the last "currency war" with Japan, and has even less of a chance against China; but should focus instead on broader "structural adjustments" at the November 2010 G-20 Seoul summit.

　　Discussion over currency war and imbalances dominated the G20 summit. Attending leaders such as Britain's David Cameron made statements suggesting good progress had been made. Yet according to most commentators no substantial agreement was reached, with the US largely unable to persuade other nations to endorse the measures it considers necessary to rebalance the global economy. IMF managing director Dominique Strauss-Kahn said this particular summit was "more of a G20 debate than a G20 conclusion."

　　A report released after the summit by the IMF warned that without additional progress there is a risk of global imbalances approximately doubling to reach pre-crises' levels by 2014. The lack of any resolution by the G20 led to concerns from other countries not directly involved such as Australia; if the "currency war" continues, they may be exposed to harmful upwards pressure on their exchange rates.

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