WASHINGTON, April 17 U.S. Treasury Secretary
Jack Lew warned his partners in the Group of 20 on Wednesday
against the perils of "beggar thy neighbor" currency
devaluations, picking out China for special mention on the eve
of a G20 meeting here on global growth.
Lew also underlined the importance of stronger demand in
Europe for the world economy, keeping up Washington's coded
pressure on Germany to loosen policies to provide more support
to weaker euro zone members in the bloc's south.
"We will continue to press G-20 countries to avoid a
downward spiral of 'beggar thy neighbor' policies," Lew said in
prepared remarks. "It is imperative that all G-20 countries
follow through on their recent commitment not to target exchange
rates for competitive purposes," he told an audience at Johns
Hopkins University School of Advanced International Studies.
G20 finance ministers and central bankers are expected to
confirm a February pledge to avoid competitive devaluations at
their gathering here on Thursday and Friday, on the sidelines of
the annual spring meetings of the International Monetary Fund
and World Bank.