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 ESSEN, Germany (AP) - China came under renewed pressure Saturday from the Group of Seven to make its yuan more flexible, while Japan emerged from the meeting without a public scolding, despite criticism beforehand that its weakened yen was hurting other economies.
The finance ministers and central bankers from the world's wealthiest nations also called for more vigilance on the rising power of hedge funds, but favored a conciliatory approach toward the industry. They also said major developed economies were showing solid growth, and that added that energy efficiency and diversification — particularly renewable forms — remained a priority.
China's tight control of its currency and huge trade surpluses have raised concerns in the West. The G-7 lauded China's commitment to "rebalance growth," but called on the country to let the yuan have greater flexibility in responding to market movements.
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