At this weekend's meeting of the Group of Seven finance ministers and central bankers in Washington, there is likely to be finger-pointing among those present on the actions needed to reduce global economic imbalances.

US officials, in the run-up to the meeting, have called for immediate action from China to allow its currency, which is pegged against the dollar, to rise. The US appears to have stepped aside from its softly-softly approach under pressure from lawmakers on Capitol Hill who are demanding immediate action, with the threat of trade sanctions.