In its six monthly report to the US Congress, the Department of Treasury, however, declined to name China a currency manipulator even though it noted that its currency renminbi (RMB) has not appreciated as fast or as much as needed.
At the end of their two-day meeting which concluded here on Monday, Finance Ministers of G-20 nations including P Chidambaram from India, said "global growth remains modest and downside risks are still elevated..."
India and other G-20 nations should redouble their efforts to avoid trade tensions among them even though new trade restrictive measures by member countries have slowed in the past five months, says a report.
India has called upon G-20 nations, the world's top economies, to work out a "credible and ambitious" action plan to put the global economy firmly on the path of recovery as also promote strong, sustainable and balanced growth.
Finance Ministers of the G-20 group of nations have reaffirmed that development agenda will remain at the core of their priorities, and development and global economic issues can no longer be treated in isolation.