G20 has agreed to avoid currency war - France

MOSCOW Sat Feb 16, 2013 11:20am IST

France's Economy and Finance Minister Pierre Moscovici speaks during the questions to the government session at the National Assembly in Paris February 5, 2013. REUTERS/Charles Platiau

France's Economy and Finance Minister Pierre Moscovici speaks during the questions to the government session at the National Assembly in Paris February 5, 2013.

Credit: Reuters/Charles Platiau

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-China Ties

REUTERS SHOWCASE

Scotland Referendum

Scotland Referendum

Scots vote in record numbers, await independence verdict.  Full Article 

India-US Diplomacy

India-US Diplomacy

Obama to nominate Indian-American Richard Verma as India ambassador - congressional source.  Full Article 

GMR in Nepal

GMR in Nepal

Nepal clears India’s GMR plan for $1.4 bln hydroelectric plant.  Full Article 

LIC on Markets

LIC on Markets

LIC chairman bullish on Indian markets  Full Article 

India Rains

India Rains

Monsoon rains weaken as late retreat looms.  Full Article 

Ellison Quits

Ellison Quits

Oracle's Ellison steps aside, co-CEOs Catz and Hurd take over.  Full Article 

Infosys-Huawei

Infosys-Huawei

Infosys partners with China's Huawei for cloud-based services  Full Article 

Gold Outlook

Gold Outlook

Gold imports seen up, premiums likely to double on festive buying  Full Article 

Trade Dispute

Trade Dispute

U.S. to press India on trade row during Modi's Washington visit  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage