| The Group of 20 largest economies on Saturday renewed their pledge to avoid depreciating their currencies to gain a competitive trading advantage as the fallout from China's slowing economy roils international markets and threatens to stall a weakening global economy.
The effort to avert a so-called currency war comes on the heels of China's yuan devaluation last month and as the International Monetary Fund plans to downgrade global growth prospects, warning that a confluence of downside risks threatens to slam the brakes on output. "We will refrain from competitive devaluations and will resist all forms of protectionism," G-20 finance ministers and central bankers said..............................................Full Article: Source
|