G-20 Pledge to Refrain From Competitive Devaluations, Draft Says
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Group of 20 finance chiefs will reaffirm a pledge to “refrain from competitive devaluation” and will commit to monitoring “possible monetary-policy spillover,” according to a draft statement obtained by Bloomberg News.
The language on currencies in the draft is similar to the last statement released by G-20 officials on Nov. 5, and predates by one day a Feb. 12 statement by Group of Seven officials that commits the major industrial countries to not use domestic policies to target exchange rates.