G8 indirectly calls for yuan appreciation

Leaders at the meeting of the Group of Eight industrial nations in Japan indirectly called for China to allow its currency to appreciate, Reuters reported. In a statement, the G8 said, "In some emerging economies with large and growing current account surpluses, it is crucial that their effective exchange rates move so that necessary adjustment will occur." While it did not name China directly, the statement was seen as clearly targeting the country. Leaders at the G8 summit also expressed concern about rising food and oil prices, and warned of significant "downside risks."