G20 nations agreed not to target their exchange rates in search of a competitive edge but the tensions that led to talk of a “currency war” remain.
“We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes,” the G20 finance ministers said in a statement that echoed a similar call last week from the G7.
The statement followed a turbulent period for global currency markets amid speculation that the G20 would push back against Japan, which has triggered a drastic sell-off in the yen with plans for aggressive easing of monetary policy.
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