October 22, 2010 / 2:44 AM / in 9 years

G20 to vow to avoid "competitive devaluation"

U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke talk during the G20 Finance Ministers and Central Bank Governors meeting in Gyeongju, October 22, 2010. REUTERS/Ahn Young-joon/Pool

GYEONGJU, South Korea (Reuters) - Finance leaders from the Group of 20 economies will pledge on Saturday to commit themselves to pursue market-determined exchange rates and refrain from “competitive devaluation” of their currencies, a U.S. official said.

A communique to be issued at the conclusion of G20 finance ministers’ and central bank governors’ meeting here will state: “We’re all committed to moving toward market determined exchange rates that reflect underlying fundamentals and refrain from competitive devaluation,” said the official, who spoke on condition of anonymity.

Reporting by David Lawder; Editing by Tomasz Janowski

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