BRUSSELS, March 7 The world's financial leaders
may no longer explicitly reject protectionism or competitive
devaluations of currencies, a draft communique of their meeting
next week showed, promising only to keep an open and fair
international trading system.
Finance ministers and central bank governors from the
world's 20 largest developed and developing economies will meet
on March 17-18 in the German town of Baden Baden to discuss the
It will be the first meeting of G20 finance ministers
attended by the new U.S. administration of President Donald
Trump, who has more protectionist policy views on trade.
The changes to the draft communique, which will still be
worked on before publication on March 18, seem to accommodate
the new U.S. position.
The draft drops the phrase adopted by G20 finance ministers
last year to "resist all forms of protectionism". It also no
longer contains the sentence, used in previous G20 statements to
"refrain from competitive devaluations" and to "target our
exchange rates for competitive purposes."
Instead, it says: "We will maintain an open and fair
international trading system" and "We reaffirm our previous
exchange rate commitments."
For years, previous G20 communiques included a phrase that
"excess volatility and disorderly movements in exchange rates
can have adverse implications for economic and financial
stability. We will consult closely on exchange markets."
This sentence is now also missing.
(Reporting By Jan Strupczewski; editing by Philip Blenkinsop)