Finance

G20 to jointly fight bank sector hacking

G20 to jointly fight bank sector hacking”

"It's about the right wording, it's about the openness of the world trade systems in the final communique", German Finance Minister Wolfgang Schaeuble told reporters before the G20 meeting.

China's premier Li Keqiang, representing the world's second biggest economy after the USA, said this week that Beijing does not want a trade war and would not devalue its currency.

He was speaking ahead of the G20 gathering of finance ministers and central bankers in the German town of Baden-Baden and hours before meeting US Treasury Secretary Steven Mnuchin - representing a country threatening increasing protectionism.

Among the treasurers, many worry about a rise of protectionism, as the new USA administration of President Donald Trump might practice harsh policies waging a trade war and pressure other countries on their monetary policies.

The U.S. and Germany have come to blows over both trade policy and the euro's exchange rate since U.S. President Donald Trump's administration took office in January.

Germany, which holds the G20 presidency this year, is concerned Trump could upend the global economic order with his "America First" policy.

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"Our desire is that... when there is imbalances in trading relationships that we have a need to address that", Mnuchin said.

Mnuchin could face tough questions from his counterparts about Trump's withdrawal from the proposed 12-nation Trans-Pacific Partnership that was championed by former US president Barack Obama and his announced intention to renegotiate the North American Free Trade Agreement with Mexico and Canada.

Yet the British vote a year ago to leave the European Union and Trump's victory on an "America First" platform have underlined discontent with globalization, a sense among many that the benefits of a globalized economy - that is, with fewer barriers to trade and business - do not reach enough people.

"What is sure is that the G20 is dedicated to multilateralism and worldwide cooperation", France's Michel Sapin said.

Deputies to the G20 finance chiefs concluded the draft communique on Thursday that will be discussed by the ministers and central bank governors, who can still make changes. Possible replacements include support for "fairness".

The indictment was the first time USA authorities have criminally charged Russian spies for cyber offences including for computer fraud, economic espionage, theft of trade secrets, and wire fraud.



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