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G-20 Statement to Say Won’t Target Currencies, Official Says

Feb. 16 (Bloomberg) -- The Group of 20 Nations will pledge not to target exchange rates to improve competitiveness, according to a G-20 official.

Reading from a draft of the G-20 communique to be published in Moscow later today, the official said nations will reiterate a commitment to move “more rapidly” toward market-determined exchange-rate systems and exchange-rate flexibility to reflect underlying fundamentals and avoid persistent misalignments.

G-20 nations will also reiterate that excess volatility in financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability, the official said on condition of anonymity. G-20 nations will refrain from competitive devaluation and “will not target our exchange rates for competitive purposes,” the draft statement says, according to the official.

To contact the reporter on this story: Simon Kennedy in Moscow at skennedy4@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net

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