Economics
G-20 to Avoid ‘Competitive Devaluation’ of Currencies
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Group of 20 finance chiefs vowed to avoid weakening currencies to lift exports and left it to a leaders’ meeting next month to flesh out how to further pressure member China to allow faster gains in the yuan.
Finance ministers and central bankers ended talks in South Korea Oct. 23 foreswearing “competitive devaluation” to calm fears of a trade war stemming from using cheaper currencies to spur growth. They called for reduced trade imbalances while stopping short of a U.S. proposal for targets that was aimed at making a yuan advance more palatable to China. Leaders will take up the debate at the Seoul summit on Nov. 11-12.