US to press China on currencies at G7 talks
(AFP)
Updated: 2005-09-22 06:55

More generally, according to Adams, Snow will use the G7 meeting to press the US case for a realignment of global imbalances that have seen the US trade deficit bulge while China and other Asian nations build up huge surpluses.

Emerging economies "have developed export-dependent growth models that skew growth away from domestic demand and depend inordinately on US absorption", Adams said.

"This is in no one's interest," he said. "What is needed is not less growth in the US, but more engines of growth from more countries and new reforms to appreciably boost potential growth rates."

The G7 nations are Britain, Canada, France, Germany, Italy, Japan and the United States.