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G20 Summit Under Way In Sydney

Newly appointed U.S. Federal Reserve chair Janet Yellen.
Australia, the host of G20 central bankers and finance ministers this weekend, has urged better advance notice of central bank policy changes to avoid shockwaves for emerging economies.

Australian Treasurer Joe Hockey said at the start of the two-day Sydney summit on February 22 that the event should stay focused on stimulating growth and creating jobs following the 2008 financial crisis.

But Hockey also called for a policy of “no surprises,” saying central banks should give each other better notice of policy changes to avoid market turbulence.

The U.S. Federal Reserve’s decision to taper its stimulus program has had negative ramifications for emerging economies.

Newly appointed U.S. Federal Reserve chief Janet Yellen is making her first appearance at an international summit since taking the post.

Based on reporting by Reuters, AP and AFP.