February 15, 2013 / 6:46 AM / 5 years ago

German Finmin says exchange rates should reflect market

BERLIN, Feb 15 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Friday exchange rates should reflect market conditions and he believed the Group of 20 would take the same position on currency exchange rates as that already expressed by the Group of Seven.

He said he was not concerned about competitive devaluation because the G7, which includes Japan, had agreed ahead of the Moscow meeting that they opposed state intervention.

“We don’t want government intervention in exchange rates. We want market-orientated exchange rates, which of course develop constantly and thereby avoid too much volatility and at the moment we can say that is working,” Schaeuble told Germany’s Inforadio.

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