G20 pledges to refrain from currency devaluation
2010-10-25
GYEONGJU – The U.S., Europe and emerging economies struck a compromise to fend off a “currency war” on Saturday by agreeing to refrain from competitive devaluations and to give greater power in the International Monetary Fund to developing countries.
The statement avoided explicitly backing a U.S. proposal to set caps on current account balances, but called on its members to “maintain current-account imbalances at sustainable levels.”
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