India is likely to press for intensive engagement to amicably resolve the currency war, mainly between the US dollar and the Chinese yuan, at the two-day meeting of G-20 finance ministers and central bank governors, beginning here tomorrow.
Finance Minister Pranab Mukherjee, who was heading the Indian delegation to the ministerial meeting, would also hold separate consultations with the finance ministers of other BRIC nations on wide-ranging global economic issues, sources said.
Mukherjee had earlier said: “My approach is that we should try to engage the countries into negotiations and build up a consensus through which the matter (concerning currency war) could be resolved.”
He had also stressed that such issues “cannot be resolved through confrontation... and we should engage in the process of building up consensus.”
While the US wants China to allow the yuan to appreciate in line with market forces, China is resisting the move, as it would hurt the country’s exports.