Wed, Feb 13, 2013 - Page 5 News List

US calls on G20 to avoid competitive devaluation

CONTROLS:The head of the US delegation to the G20’s meeting this week said that the group must do more to ensure that market forces determine exchange rates

AFP, WASHINGTON and LONDON

“We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates,” they said. “We are agreed that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate.”

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