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  • Shanghai Fine Chemicals Co.,Ltd
  • Shanghai Fine Chemicals Co.,Ltd
  • Shanghai Fine Chemicals Co.,Ltd
  • Shanghai Fine Chemicals Co.,Ltd
  • Shanghai Fine Chemicals Co.,Ltd
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TOKYO (Reuters) - U.S. President-elect Barack Obama's new economic team' including Treasury Secretary nominee Timothy Geithner' is unlikely to use foreign exchange rates as the key policy tool to help the economy' Japan's former top financial diplomat said on Tuesday.

Financial markets are interested in finding out whether the new economic team under Obama' who takes office on January 20' will be more keen than the current administration to step into the currency market to stop any rapid fall in the dollar.

"It's still unclear what they will do' but I don't think they are people who will be using foreign exchange rates as a key policy tool'" Toyoo Gyohten told Reuters in an interview.

"They look at macroeconomic conditions theoretically' so I don't think they are interested in using foreign exchange rates as an important policy weapon'" said Gyohten' who is now a special adviser to Japan's Prime Minister Taro Aso for leaders' summit meetings of the Group of 20. Key members of Obama's economic team will also include former Treasury Secretary Lawrence Summers' who has been chosen to head the national economic council' and former Federal Reserve Chairman Paul Volcker' who has been appointed to chair the President's Economic Recovery Advisory Board.

Gyohten' who has published a book with Volcker' also said it would take until 2010 for the global economy to start recovering' adding that Obama's economic policy would hold the key to the outlook.

 
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