UPDATE 1-Yuan not a topic for specific talks at G8/G20: Kremlin

* To discuss global economy, FX with China

* Russia wants to talk about oil spill

* Continues to oppose bank tax

(Adds quotes, background)

By Toni Vorobyova

MOSCOW, June 21 (BestGrowthStock) – China’s currency will not be a
specific topic of discussion at the G8/G20 meeting, while paying
for future oil spills will be on the agenda, the Kremlin’s top
economic aide said on Monday.

China has moved towards greater flexibility of the yuan
exchange rate — a move that Russia and other countries have
welcomed [ID:nLDE65I0CZ]. But the United States still wants to
see the statement followed up by significant appreciation in the
exchange rate, which it says currently gives Chinese goods an
unfair competitive advantage [ID:nN20205303].

“Of course there will be no specific discussion of China in
particular,” the Kremlin’s Arkady Dvorkovich told a briefing
ahead of the meetings of leaders from top developed and emerging
nations at the end of this month.

“We will, together with China, discuss the global economy
and the foreign exchange system. Of course some countries have
questions about China’s currency policy, probably they will
raise these issues, but I do not think it will develop into a
wide discussion on this topic.”

For its part, Russia is pushing for the discussion of how to
pay for environmental disasters after a spill in the Gulf of
Mexico which oil giant BP (BP.L: ) says has already cost over $2
billion, Dvorkovich said.

“The President (Dmitry Medvedev) has recently proposed the
creation of a special ecological fund to help in such situations
as the one currently happening in the Gulf of Mexico,” he said.

Also on the agenda will be how to pay for past and possible
future bank bailouts, which some countries suggest should be
covered by a bank tax — something Russia has previously said it
opposes.

“Apart from Russia, the biggest doubts about this tax are in
Australia, Canada, China, India,” Dvorkovich said.

The G8 and G20 meetings run from June 25-27.

Stock Today

(Reporting by Toni Vorobyova; Editing by Lidia Kelly/Ruth
Pitchford)

UPDATE 1-Yuan not a topic for specific talks at G8/G20: Kremlin