But private economists said those changes still left the Chinese currency undervalued by as much as 40 percent against the dollar, giving China a huge competitive advantage and contributing to the US' US$162 billion trade deficit with China.
Finance officials from China, Russia, Brazil, India and South Africa attended a portion of Friday's G7 discussions.
Officials said talks were under way to see how the group could be expanded. Its members now are the US, UK, Canada, France, Germany, Italy and Japan.
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