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Japan's Aso tells G20 world economy growing, uncertainties rising

[SHANGHAI] Japanese Finance Minister Taro Aso said on Friday that the world economy is heading toward gradual recovery but volatility and uncertainty are heightening due to uncertainty over China and its economic policies, slumping oil prices and a divergence in monetary policy among advanced economies.

Speaking to reporters after the first of two days of meetings by Group of 20 finance ministers and central bankers in Shanghai, Aso also said he thinks the group of big economies will mention the need to avoid a beggar-thy-neighbour currency-devaluation race in their final statement.

Aso said he proposed to the G20 setting up a working group to look into capital outflows from emerging market economies. He also said he urged China to carry out yuan currency reform and map out a mid-term structural reform plan with a timeframe.