The IMF has already cut its growth projections for the United States, Europe and Japan next year, which is worrying for China, which depends on those export markets. We have already seen some of the world's biggest companies turn in below-par earnings for the third quarter. Ericsson, Philips Electronic, SKF and Roche Holdings have this week all disappointed the markets.

So the challenges this weekend for the leaders of the institutions that are supposed to manage the global economy are to find a way to manage the decline of the dollar, to take the pressure off the euro (which threatens to end Germany's export-led recovery) and to jawbone China and Japan into allowing their currencies to appreciate.

It would also be excellent news if they could do something to unstick the credit markets and to reform their institutions to accommodate the new importance of China, India and the cash-rich energy exporters of the Middle East.

The only likely compromise would have to include a revaluation of the Chinese and Japanese currencies, and the evidence from this week's Chinese Party Congress of a divided and contentious leadership in Beijing suggests that getting a clear decision and the necessary political will from the Chinese will be very, very difficult.

IMF 调低全球增长率，G7国家普遍出现金融危机前兆，西方人把危机归罪于中国的人民币政策和高速发展对资源的需求，预计G7国家将联手读中国人民币施加压力，迫使人民币继续大幅度升值，从而转嫁G7国家金融危机。