| 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,” G20 finance ministers and central bankers said in their communiqué Saturday following two days of talks in Turkey...............................................Full Article: Source
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