The G20 meeting resulted in an agreement for countries to refrain from competitive currency devaluations. They also agreed to give developing countries a bigger voice in the IMF. China aims to become a major global player in the satellite industry by 2015, with plans to capture 10% of the commercial satellite market and 15% of commercial launch business. China's economic growth slowed to 9.6% in the latest quarter as the government guides the economy toward more sustainable growth and encourages consumer spending. The IMF says Asian currencies need to appreciate further to reduce risks from speculative financial flows and help correct global trade imbalances.

1. News File
Submitted by: Pooja Khullar

2. G20 seals IMF power shift; vows to
avoid currency devaluation
• Group of 20 finance leaders struck a deal on Saturday to
refrain from competitive currency devaluations although
they failed to agree on firmer language that might have
shored up the U.S. dollar.
• At a meeting in South Korea, the growing clout of the
developing world was recognized in a surprise deal to
give them a bigger voice in the International Monetary
Fund which was charged with policing global stability.

3. Conti..
• The 20 members pledged in a communiqué to "refrain
from competitive devaluations" of their currencies,
developed economies vowed to cut their budget deficits
over time and all to take action to reduce current account
imbalances.

4. China set to get big chunk ok global
satellite market by 2015
• Bracing up to launch a host of new satellites, including a
communication satellite for Pakistan next year, China
has said it aims to become a major global player in the
international aerospace industry by 2015 to get a big
chunk of the commercial satellite market.
• China is set to re-launch itself on the global aerospace
industry with plans to take 10 per cent share of the
world's commercial satellite and 15 per cent of the
commercial launch business by 2015, Yin Liming,
President of China Great Wall Industry Corp, (CGWIC)
told state run 'China Daily' .

5. China’s rapid economic growth
continues to slow
• China's rapid growth slowed in the latest quarter as
Beijing steered its expansion to a more sustainable level,
possibly cutting its contribution to a global recovery.
• The world's second-largest economy grew 9.6 percent in
the July-September quarter over a year earlier. That was
down from the previous quarter's 10.3 percent but still by
far the highest of any major economy.
• Beijing is trying to restore normal economic conditions
following a huge stimulus that helped China quickly
rebound from the global crisis. Communist leaders want
to guide growth to a manageable pace and encouraging
Chinese consumer spending to rebalance the economy

6. away from heavy reliance on exports and investment.
Beijing's growth target for the year is 8 percent, while the
World Bank is forecasting 9.5 percent.

7. IMF says Asian currencies undervalued
despite gains
• According to the International
Monetary Fund Asian currencies
need to strengthen further to deter
potentially dangerous hot money
inflows and help correct global trade
imbalances.