U.S. hopes for imbalance ranges by Seoul summit

GYEONGJU, South Korea (BestGrowthStock) – The United States hopes that the Group of 20 advanced and emerging economies, will agree to specific ranges for reducing current account imbalances by the time of a leaders’ summit next month in Seoul, a senior Obama administration official said on Saturday.

The official told reporters as G20 finance leader meetings resumed here that there were still a few countries that are not yet comfortable with setting numerical goals for reducing their trade surpluses or deficits.

G20 officials have agreed to pledge to reduce imbalances and refrain from competitive devaluation of currencies in a statement to be released later on Saturday.

The official said currency language in the communique also will call upon advanced economies to work to limit foreign exchange volatility and disorderly movements in exchange rates.

(Reporting by David Lawder; Editing by Ed Lane )

U.S. hopes for imbalance ranges by Seoul summit