G20 has agreed to avoid currency war - France
MOSCOW (Reuters) - French Finance Minister Pierre Moscovici said on Saturday that the Group of 20 had agreed to avoid a currency war, affirming a shared view that exchange rates should reflect market fundamentals.
"We all agreed on the fact that we refuse to enter any currency war," Moscovici told reporters after G20 policy makers worked late on Friday night in Moscow to hammer out a common position to put in a joint communique.
"But we also want to have on an international level a cooperative approach ... excluding aggressive strategies for devaluation," he said. "This is why we all agreed that the levels of currencies have to be determined by the markets."
(Reporting by Gernot Heller and Maya Dyakina; Writing Douglas Busvine, Editing by Timothy Heritage)
- Tweet this
- Share this
- Digg this
- UPDATE 1-Microsoft lays off 2,100, axes Silicon Valley research
- Eight bodies found after attack on Guinea Ebola education team
- Obama nominates Indian-American as ambassador to India
- Sterling firms as early results go against Scottish independence
- UPDATE 2-Two small Russian banks taken off Canada sanctions list
China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow
Obama to nominate Indian-American Richard Verma as India ambassador - congressional source. Full Article