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G20 pledge: No currency war....Tell That To China

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02/18/2013 03:07 PM
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G20 pledge: No currency war....Tell That To China
Amid concerns of a global currency war, the world's biggest economies pledged on Saturday they would not devalue their money to lift their own fortunes at the expense of the global recovery.

Finance ministers and central bankers from the G20, which brings together the 19 richest nations and the European Union, ended a two-day meeting in Moscow.

In a joint statement, the countries committed to focus monetary policy on boosting economic growth and refrain from actions that could trigger a beggar-thy-neighbor round of currency devaluations.

"We will not target our exchange rates for competitive purposes, will resist all forms of protectionism and keep our markets open," the G20's statement said.

In a currency war, nations manipulate policy levers to drive down the value of their money compared to others, thus boosting their own exports but hurting their trading partners.

[link to money.cnn.com]