But for the time being Beijing still not responded to these requests

The seven most industrialized countries (G7) finance ministers seek more than ever an appreciation of Asian currencies. As a prelude to the annual meetings of the international monetary Fund (IMF) and the World Bank, today and Singapore, the great paymaster, tomorrow together Saturday, have estimated that a "more flexibility in exchange rates is desirable in emerging economies with large surpluses of their current balance, specially China (...)". Clearly, a yuan appreciation but also, implicitly, Yen would stop the accumulation of international reserves generated by the trade of China and the Japan, mainly from the US trade deficit continues to deteriorate.

"Ministers G7 and their Asian counterparts agree on the fact that a development model less export-oriented, but more oriented on investments, for Asian countries, and domestic consumption, for China, is desirable." "We wish that this development is accompanied by greater flexibility of exchange rates", confirmed Saturday, Xavier Musca, Director of the French Treasury.

China, "progressively".

But for the time being, Beijing still not responded to these requests. Invited to a luncheon Saturday, the Governor of China's Central Bank, Zhou Xiaochuan, has only promised to "gradually" move towards a more flexible exchange rate regime. For the yen, the Ministers and Governors of central banks of the G7, without cite it explicitly in their communiqué, even expressed their belief that improving growth prospects and the end of the policy of "zero rate" of the Bank of Japan will result inevitably in a rise in the Japanese currency, as stated by the President of the European Central Bank (ECB)Jean-Claude Trichet.

G7 Finance Ministers welcomed Saturday, performance of their respective economies, while highlighting the best distribution of growth between the United States, on the route of a slowdown, the euro area and the Japan where the recovery is and is growing, not to mention the dynamism of the Asia. But the great paymaster in have not forgotten the risks to these opportunities. Let's start with the increase in inflation expectations in some countries. In this respect, Jean-Claude Trichet expressed the "extreme vigilance" of the ECB, suggesting next raising of interest rates.

Dilemma for the Fed

If, in the United States, the figures Friday showed a decrease of the index of the consumer prices in August, to 3.8, against 4.2 in July, the index excluding food and energy has again deteriorated, suggesting a risk of skidding. A dilemma for the Federal Reserve, the US economy marking a little not, primarily because of the slump in the real estate sector.

Another concern, despite the reflux of the price of a barrel to its lowest level for six months, to 62 dollars, the price of oil, the admission of the French Finance Minister, Thierry Breton, is still too high. The great paymaster reiterated, Saturday, their call for greater transparency in the market to avoid a too high price volatility, as well as a resumption of investment in exploration and refining.

Aware of the risks of a rise of protectionism in the world after the failure of the negotiations within the World Trade Organization to complete Doha round, the G7 Finance Ministers stressed the importance of unblocking the situation. "We ask, on an urgent basis, to all parties to show political will and flexibility to resume Doha round as soon as possible," said their release. This has not prevented the Minister of finance Germany, Peer Steinbrück, to confess that he was not sure whether this request is successful.