G7 calls for faster yuan appreciation

WASHINGTON (Reuters) - The Group of Seven rich nations on Friday called on China to let its yuan currency rise in value more quickly, in a statement that contained no reference to the weakness in the U.S. dollar.

"We welcome China's decision to increase the flexibility of its currency, but in view of its rising current account surplus and domestic inflation we stress its need to allow an accelerated appreciation of its effective exchange rate," G7 finance ministers and central bankers said in a communique.

Recent turmoil in financial markets, high oil prices and weakness in the U.S. housing sector will likely moderate what has been a five-year string of robust economic growth, the officials said.

"Uneven conditions are likely to persist for some time and will require close monitoring," the G7 said.

At the same time, overall economic fundamentals are strong, they said, adding, "Emerging markets are providing critical impetus to the strength of the world economy."