ANKARA: G20 finance ministers and central bank chiefs from the world’s top 20 economies meet in Turkey on Friday hoping to calm the nerves of markets rattled by China’s slowing performance and the prospect of a US Federal Reserve rate hike.
The finance chiefs are gathering in Ankara at the time of alarming indicators from the global economy, with the latest poor industrial orders from Europe’s powerhouse Germany.
Under Turkey’s G20 presidency — a role that in 2016 goes to China — the meeting will formally get underway in the afternoon.
But a source close to the talks said that it is not likely that the two major sources of concern — China’s slowdown and the Fed’s monetary policy — will be directly referenced in the final communique.
“It’s not the way things are done here” at the G20 said the source, saying it would be highly unusual for the statement, whose every word is negotiated months in advance, to refer to a specific central bank or country.
It would also be next to impossible to produce a unified text on the issue, with major divergences between the economic superpowers of the world.