G7 to confirm stance on currency, Bernanke unlikely to attend meet

AYLESBURY, England Fri May 10, 2013 4:45am EDT

Chairman of the Federal Reserve Bank Ben Bernanke attends the Treasury Department's Financial Stability Oversight Council in Washington April 25, 2013. REUTERS/Gary Cameron

Chairman of the Federal Reserve Bank Ben Bernanke attends the Treasury Department's Financial Stability Oversight Council in Washington April 25, 2013.

Credit: Reuters/Gary Cameron

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AYLESBURY, England (Reuters) - Federal Reserve Chairman Ben Bernanke is unlikely to attend the Group of Seven finance leaders' meeting on the outskirts of London this weekend, a G7 official said.

The official, speaking after the dollar broke after 100 yen to its highest level in four and a half years, also said the G7 finance ministers and central bankers are likely to confirm the stance agreed upon by the larger Group of 20 nations that monetary policy would not be directed at currency rates but used for purely domestic purposes.

Bernanke is scheduled to speak from 1330 GMT (9.30 a.m. EDT) on Friday at a meeting in Chicago. It is not unusual for the Fed chief to skip international meetings and be represented by a deputy.

(Reporting by Leika Kihara, Editing by William Mallard, John Stonestreet)

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Comments (2)
StigTW wrote:
The Stance is that there is no stance, most probably know this is race to the bottom is ____ but hey the weak pawns are what they are.

May 10, 2013 3:28am EDT  --  Report as abuse
jw_collins wrote:
Of course Bernanke will miss the meeting…he’s very busy fleecing long time savers of their retirement hopes, choosing rather to inflate, print money, and transfer value from the middle and lower middle ranks to the ever enriched upper ranks. For now, we rock on, but at some point Bernanke’s actions will prove fatal to the system overall. I hope I’m wrong, but the markets hover high, business soars, interest rates are at super cheater levels, and the renter class go homelessly repossessed.

May 10, 2013 3:37am EDT  --  Report as abuse
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