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G-7 To Hold Talks With China, Russia

20 September 2005 (RFE/RL) -- The Group of Seven (G-7) leading industrialized countries will be joined for talks this week by the finance chiefs from Russia, China, India, Brazil, and South Africa.

U.S. Treasury spokesman Tony Fratto said the G-7 finance ministers and central bank governors will be joined in Washington by their counterparts from the five countries for a working lunch on 23 September, before the G-7 countries hold their own talks in the afternoon.

The G-7 members are Britain, Canada, France, Germany, Italy, Japan, and the United States.

The discussions over lunch on 23 September are expected to focus on currency-exchange rates, with the United States expected to renew pressure on China to allow its currency, the yuan, to rise in value.

American manufacturers contend that the yuan is undervalued against the U.S. dollar, making Chinese goods much cheaper for American consumers, and American products much more expensive when sold in China.