Australia says U.S. G20 proposals "constructive"

GYEONGJU, South Korea, Oct 22 (BestGrowthStock) – Australian
Treasurer Wayne Swan said on Friday that U.S. proposals to target
current acount balances as a mean to rebalance the global economy
were “constructive.”

Referring to proposals floated by U.S. Treasury Secretary
Timothy Geithner, Swan said “it’s one way of dealing with such a
challenge, and a constructive one. From our perspective when it
comes to current accounts, not one size fits all.”

“We see a floating exchange rate as an important shock
absorber in our economy,” he said.

Swan said Australia was commited to flexible exchange rate
despite the Australian dollar briefly reaching a parity agaist
the U.S. dollar last.

Australia’s current account deficit is 4.25 percent.

Earlier, G20 finance officials started two days of meetings
by discussing a U.S. proposal to set a target of 4 percent of
gross domestic product for current account balances.
(Reporting by David Lawder and Louise Egan; Editing by Ed Lane
and Tomasz Janowski)

Australia says U.S. G20 proposals "constructive"