MOSCOW 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)
E-commerce, bags to drive Asian plastics demand growth through 2017
SINGAPORE Asian shoppers' fondness for buying on the internet along with the region's steady economic growth should boost Asia's plastics demand for the next two years.
Oil prices dip on stronger dollar; rise in U.S. crude stocks data
SINGAPORE Crude oil futures fell in early trade on Wednesday as the U.S. dollar held around three-week highs and industry stocks data indicated a build in U.S. crude inventories.
Pru's UK staff take industrial action over Mumbai job plan
LONDON Staff at British insurer Prudential are taking industrial action over plans to move 76 jobs to Mumbai from the southern English town of Reading, the Unite union said.