G20: No to 'currency war'
- Published: 16 Feb 2013 at 20.05
- Online news:
MOSCOW — Finance ministers and central bankers from the world's 20 leading industrial and developing countries pledged on Saturday not to target their exchange rates for competitive purposes.
The two-day meeting in Moscow ended with a joint communique that included a promise that the G20 members would "refrain from competitive devaluation" and "resist all forms of protectionism and keep our markets open".
"We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability," the statement said.
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