G20 seeks to prevent currency war

A closing statement said the G20 wanted to “move towards more market determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies.”


It said advanced economies would be “vigilant against excess volatility and disorderly in capital flows facing some emerging countries.”


The Group of 20 nations also pledged to avoid all forms of protectionism.


The meeting in Kyongju, some 370 kilometres south of the South Korean capital, Seoul, sought to find ways to resolve a growing dispute over exchange rate policies.


The row, brewing for months, has see allegations that some countries are keeping their exchange rates artificially low in order to boost their own economies… Reg Cure.

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