日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

G20 to regulate big hedge funds - draft communique

(Agencies)
Updated: 2009-04-02 11:31

LONDON -- World leaders will pledge to regulate major hedge funds for the first time and set up a new oversight board to monitor the global financial system, according to a draft of the G20 communique.

The draft, obtained by Reuters from delegation officials at the G20 summit, also said leaders would vow to cooperate over economic policies to restore global growth and "refrain from competitive devaluation of our currencies".

Leaders of the world's largest industrialised and emerging economies are due to finalise their plan for reviving growth and stabilising the financial system at a summit here in London on Thursday.

Missing was toughened language on tax havens, which France and Germany have sought where locations would be named and bank assets there revealed.

Full coverage:  G20 Financial Summit Related readings:  G20 summit no panacea for free trade – economists  Economists: China goes to G20 summit with reform proposal  IMF 'needs reform' to raise more funds  Too early to discuss global financial reform: EU

The draft communique would strengthen the authority of the International Monetary Fund, giving it more responsibility for overseeing the world economy and making sure that crises do not erupt in the future.

New resources would be made available to bolster the IMF's war chest and its quasi-currency called Special Drawing Rights would be expanded.  But specific figures were not included in the draft.

The outlines of a new global financial architecture were there, with a new Financial Stability Board to replace the Financial Stability Forum, which would work with the IMF on overseeing the world economy and financial system.

The communique made five pledges -- to restore growth and jobs; repair banks and lending; strengthen global financial institutions to deal with the crisis and prevent future ones; to promote global trade; and to build a sustainable recovery.

"By acting together to fulfil these pledges we will bring the world economy out of recession and prevent a crisis from recurring in the future," according to the draft.

China Effort

• China buys IFC bonds, backs trade finance
• Shopping team headed for US tour
• China, Argentina to push for equitable financial system
• Vice premier calls on G20 to fight crisis unitedly
• China calls for increasing cooperation with EU
• more

Global Action

• G20 leaders agree on supervisory body
• G20 summit progress despite differences
• G20 leaders mull tripling of funds available through IMF
• Desperate world leaders meet on economic woes
• UK's Brown hopeful for G20, says more to be done
• more

Related Coverage

• Hu at G20 and APEC
• China Statistics
• 2009 NPC and CPPCC
• Chinese Economy
• World Financial Crisis
• more