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The U.S. president, Barack Obama wrote to the Heads of State and Government of the G20 countries, who will meet on 26 and 27 June in Toronto, Canada, to inform them of three concerns: the "significant weaknesses "the private sector demand in some economies of the G20 and their dependence on exports, the state of public finances and reform of the financial system.

"I also want to stress that exchange rate determined by the market are essential to global economic vitality," wrote as Barack Obama, who is of course referring to China, which Washington believes the currency, the yuan, is artificially under -valued, preparing a showdown with his counterpart, Hu Jintao.

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