G20 Current account proposal still on table says Canada, Germany and China nix the idea

Via Guardian
While Chinese President Hu Jintao rejected accusations that China was manipulating the renminbi to make his country's products cheaper, German Chancellor Angela Merkel rejected a US idea - later dropped - to set numerical targets on a country's trade deficit or surplus.

“Fixing limits for current account surpluses or deficits is neither economically justified nor politically appropriate,” Merkel said. “This would also be in contrast to the principles of free trade in the world.”

Merkel later confirmed that G20 leaders had “given up on the idea” of introducing any formal caps.
But a Candian official disputes this via Bloomberg:
Targets are still “on the table,” the official said, speaking to reporters in Seoul on condition he not be identified.
More

EU's Barroso:  Numerical Targets not the answer
FT: Surplus limits are a way back to the future

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