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DOLLAR STRENGTH RESTS ON US ECONOMY: OBAMA TELLS G20.

President Barack Obama responded to widespread criticism that the United States is deliberately weakening the dollar while trying to swing the G20 spotlight back onto global imbalances as world leaders gathered in Seoul last week.

A draft statement cited by Dow Jones Newswires echoed an earlier finance ministers' pledge to move toward more market-determined currency rates and appeared to offer no new proposals on how to ease tensions between struggling rich nations and rising economic powers such as China and Brazil.

Obama said a strong US economy was vital to the global recovery. "When all nations do their part - emerging no less than advanced, surplus no less than deficit - we all benefit from higher growth," Obama said in a letter sent to G20 leaders.

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Publication:Pakistan & Gulf Economist
Geographic Code:9CHIN
Date:Nov 21, 2010
Words:124
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