MOSCOW Feb 16 French Finance Minister Pierre
Moscovici said on Saturday that the Group of 20 had agreed to
avoid a currency war, affirming a shared view that exchange
rates should reflect market fundamentals.
"We all agreed on the fact that we refuse to enter any
currency war," Moscovici told reporters after G20 policy makers
worked late on Friday night in Moscow to hammer out a common
position to put in a joint communique.
"But we also want to have on an international level a
cooperative approach ... excluding aggressive strategies for
devaluation," he said. "This is why we all agreed that the
levels of currencies have to be determined by the markets."