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A leakage of the said members of the G20 Summit communiqué draft would be willing to "refrain from competitive undervaluation. Photo: Bloomberg

George Osborne and Timothy Geithner, Secretary of the Treasury of the United States will meet their counterparts from China, the India and Japan Friday in the city of Gyeongju Korea South for the last round of negotiations the G20.

The threat of a "currency war" with countries manoeuvres to devalue their currency in order to increase exports, is squarely at the top of the agenda.

Draft leak the communiqué said Summit G20 members would agree to "move to a more determined by the market exchange rate system" and "refrain from competitive undervaluation.

Brazil, Australia Canada urged G20 to reach a solution on this issue, Luiz Inacio Lula da Silva, Brazilian President, saying: "the world knows the currency war there and we need to discuss in the g-20 and find a definitive solution to it."

The United States are determined to reach agreement on "fair" in the exchange rate rules, and Mr. Geithner, told the Wall Street Journal that he would "like countries to move towards a set of standards on exchange rate policy.

While he believes that the euro, yen and the dollar are almost "alignment", he repeated that the Chinese yuan is undervalued.

Mr. Geithner said it would be even push his colleagues agree on numerical targets for their trade balance, a manoeuvre which India scrapped immediately. " "I am not sure that this will be supported by a large number of emerging countries", said an Indian agent.

Mr. Geithner said encouragement from the rest of the G20 could persuade China to accelerate the increase of the yuan.

Given that China depegged currency dollar in the middle of June, the yuan has increased some 2 6pc. ""If China knew only if it is moved faster, other emerging markets would move with them, it would be easier for them to move," said Mr. Geithner.

However, Chinese officials have argued that any sudden increase in their currency could sink tens of thousands of export companies that operate on thin margins.

"Many of our export companies shall close migrant workers would have to return to their villages," said Wen Jiabao and the earlier this month, the Chinese Prime Minister. "If China has seen social and economic turbulence, then it would be a disaster for the world.?

The release of the project, which is likely to change to the Summit, said the G20 would minimize the "negative effects of disordered in rates of Exchange and excessive volatility movements", a sop akin to the concerns of China.

China also stated United States print new funds to stimulate its economy trend is originally a gross distortion in the global economy as investors are fleeing the dollar and seek more returns elsewhere, particularly in markets émergents.Le project the G20 would "work to more effectively manage the influx of capital volatile and rapidly emerging countries".

Since the financial crisis, G20, a disparate collection of rich and developing countries, has replaced the G7 as the most important economic policy forum mondiales.Cependant, it remains largely skeptical about whether a collection of countries as various the Indonesia Turkey Japan, the Germany can agree on something else than the broad brush strokes.

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