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
- Newtown massacre shooter indulged dark obsessions online, report says
- Canadian vets plan to join Kurdish fight against Islamic State
- Pakistani family sentenced to death over "honour killing" outside court
- UPDATE 5-Sold-out Cosby show goes ahead amid sex assault claims
- CANADA FX DEBT-C$ hits 3-week high on forecast-beating CPI data, higher oil
Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article