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
- Alabama man claims penis was amputated by mistake
- UPDATE 1-Russia transfer of rocket system to Ukraine rebels imminent- Pentagon
- India threatens to derail WTO deal, prompts angry U.S. rebuke
- UPDATE 3-Nigeria government confirms Ebola case in megacity of Lagos
- El Pollo Loco shares go crazy in debut, fly 33 percent
India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a U.S. warning that its demands could kill global trade reform efforts. Full Article