WAYNE Swan has signed up to a US attack on China's currency management, declaring it risks suffocating recovery in the major advanced economies.
The criticism, contained in a jointly signed opinion article, was designed to rally support of G20 leaders at the Seoul summit for a US-devised plan to limit the growth of payments imbalances.
the article's aim was clear in its comment that "emerging economies need to allow their exchange rates to reflect the substantial growth they have achieved in their economies over the last decade and to respond more flexibly to underlying market forces".
Julia Gillard underlined Australia's support for the US position, saying currency values should be determined by the market.
"That is what our economy has and it has served our economy well," the Prime Minister said.
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