Open-ended resolution

Reuters gets a preview of the G20 communique.

A G20 source said no country-specific economic policy recommendations were expected to be included in the official statement to be released at the summit’s conclusion on Sunday. Instead, the group will likely agree on the need to reduce deficits while allowing countries to choose their own pace.

One G20 official said a draft statement welcomes China’s announcement last weekend that it was loosening its grip on the yuan currency. The phrase could be excised from the final communique, however, because it may not sit well with Beijing, which has insisted its exchange rate is a sovereign matter that has no place on the G20 agenda.

The group will also give countries a choice on whether to levy a tax on banks to recoup the cost of bailouts.

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