The G20 summit in Toronto ended on Sunday after tulmultuous negotiations inside, and even more tumultuous stand offs outside. U.S. President Barack Obama challenged China’s commitment to “rebalancing the world economy,” but ultimately the U.S. was declared a loser in the talks and China a winner.
Meanwhile, Toronto was turned into a huge mess as, outside the talks, rioters set police cars on fire and police batoned reporters. Yikes! Guess even in Canada, there’s clashes between police and the people – maybe something Chinese people ought to think about before emigrating there, eh?
Our sister site Torontoist has amazing pictures of the event (that’s where these pictures came from!). If you’re interested in what happened outside the meeting, that’s definitely something to check out.
Other News on China and the G20
- Beijing agreed to set the strongest yuan exchange rate in years, saying it would put the central parity rate to 6.7890 to the dollar, the strongest level policymakers have set since the country unpegged the currency in July 2005. However, analysts said the move did not signify a major shift.
- Besides the exchange rate, the U.S. and China also clashed over North Korea. Obama accused China of “willful blindness” over the DPRK’s suspected sinking of a South Korean warship in March. China seems to not have said anything in return.
- Developed economies agreed to give more voting power to emerging economies in the International Monetary Fund. According to the Pittsburgh G20 summit, this would shift the power dynamic towards emerging economies like China, India, Brazil and Russia by around 5%. The complete agreement should be ready by the next G20 summit in Seoul, and must be ratified by all of the IMF’s 187 member countries by January 2011.