国际英语新闻：G20 finance ministers' meeting closes with agreement on IMF reform, market-determined exchan

The currency issue, which played the main role to draw global attention to Gyeongju, ended with progress as well, satisfying the chair South Korean Finance Minister, who proudly announced an end of the currency dispute as a result of the meeting.

Emphasizing it will move towards more market determined exchange rate systems, the G20 said the planned actions will " promote a stable and well-functioning international monetary system."

It was noticeable that in the Gyeongju communiqu, the currency-related term was changed from "market-oriented," which was previously used, to the new language "market-determined."

Finance Minister Yoon explained that the new term was chosen to put more weight on the role of market, while leaders sought a middle ground between their contrasting viewpoints.

Also, the G20 dealt with the current account imbalance issue, a broader topic closely linked to the exchange rate issue.

As the recent currency issue was born at the heart of the trade imbalance, some countries went as radical as explicitly designating the numerical figure to narrow the amount of current account surpluses or deficits.

Amid polarized opinions, countries took up the option to pursue "policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels."

Instead of adopting a definite figure, such as 4 percent of the total GDP known to be submitted by the U.S., the G20 agreed on " indicative guidelines to be agreed," starting from which further talks will continue, Finance Minister Yoon Jeung-hyun told reporters.

The Mutual Assessment Process (MAP) will also be conducted, once "persistently large imbalances" are detected, expanding the role of the MAP to the imbalance issue, according to the communiqu .

The power to conduct the MAP will be given to the IMF, which will probe into fiscal, monetary, financial sector, structural, exchange rate and other policies, said the joint statement.

The other side, on the other hand, has been refuting the claim, one's exchange rate policies had little to do with other countries' current account deficits, or the apparent global imbalance.

As the ending gave birth to a revised clause on the thorny issue, though not as radical as hoped by some countries, but enough to call as an advance, the currency dispute will not likely linger on as an obstacle to the success of the upcoming Seoul Summit.