G20 exchange rate policies need to be better aligned-US official

MOSCOW Sat Feb 16, 2013 9:42am EST

MOSCOW Feb 16 (Reuters) - There is a better understanding among the Group of 20 nations that currency frameworks among the world's largest economies need to be better aligned, a senior U.S. administration official said on Saturday.

While the Group of Seven industrialized countries have a long-standing set of rules on exchange rates, the newer G20, which includes China and India, is still trying to develop its own framework on currencies, the official said.

The official said the G20 agreement forged among finance ministers in Moscow, which commits to moving rapidly toward more market-determined exchange rate systems, ensures that as countries' exchange rate policies evolve they move to a set of common standards.

FILED UNDER: