G20 to seek accord on currency rate

President Lee Myung-bak said Wednesday that the G20 leaders will seek to agree on a set of guidelines to end currency conflicts and reduce trade imbalances at the Seoul summit next week.

Lee said he expects the Group of 20 nations to take “a step forward” from the deals reached last month by their finance ministers in Gyeongju, to pursue market-determined exchange rate systems, and set “indicative guidelines” to assess whether current account imbalances were excessive.

“How to make the guidelines will be discussed at the (Seoul) summit,” Lee told about 160 domestic and foreign journalists during a rare press conference.

“I believe that even the U.S., China and European nations, which are in dispute over exchange rates, will be able to take a step forward and reach a compromise through discussions.”

Lee also said that the G20 nations will try to reach an agreement on 100 action plans to assist developing nations at the Seoul summit, adding that North Korea could also be a beneficiary as long as it opens up to the world.