An IMF meeting held over the weekend failed to produce a consensus on international currency movements, particularly for the renminbi, the Wall Street Journal reported. In addition to the United States, many European nations and IMF director Dominique Strauss-Kahn argued that China’s suppressed currency is hamstringing recoveries elsewhere in the world. Separately, People’s Bank of China Governor Zhou Xiaochuan argued at a meeting of the Institute of International Finance that the currency would appreciate but that it would not happen overnight. While Beijing has allowed the renminbi to appreciate at a faster rate over the past month, many analysts anticipate that the US and EU will intensify pressure on Beijing following the meeting’s failure to press China on its currency policy. Some analysts even warned of the prospect of "currency wars": Brazil, South Korea and Japan have all intervened in markets to drive down their currencies in recent weeks.