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G20 to pledge to avoid ‘competitive devaluation’

Gyeongju, S Korea, October 23, 2010

Finance leaders from the Group of 20 economies will pledge on Saturday to commit themselves to pursue market-determined exchange rates and refrain from 'competitive devaluation' of their currencies, a G20 source said.

A communique to be issued at the conclusion of G20 finance ministers' and central bank governors' meeting here will state: 'We're all committed to moving toward market determined exchange rates that reflect underlying fundamentals and refrain from competitive devaluation,' said the official, who spoke on condition of anonymity. – Reuters


 




Tags: Korea | G20 | Group of 20 | exchange rates |

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