Report: G-20 Draft Vows Move to Market-Led Forex Rates

Wednesday, 10 Nov 2010 12:00 PM

 

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A draft of a Group of 20 communiqué statement says its members will move towards more market-determined exchange rates, closely echoing the wording of a statement issued by G-20 ministers late last month, Dow Jones Newswires reported on Wednesday.

"We will move towards more market-determined exchange-rate systems and enhance exchange-rate flexibility to reflect underlying economic fundamentals," Dow Jones Newswires said, citing the draft seen by the news agency.

It also said the officials preparing the draft for the summit of G-20 leaders on Thursday and Friday had yet to decide the language on currency interventions.

According to the news agency, the draft repeated the finance ministers' pledge to "refrain from competitive devaluations" but also included an alternative language on avoiding "competitive undervaluation."

A European Union delegate, asked about the report said: "There are a lot of documents out there (and) there is talking to do."

© 2014 Thomson/Reuters. All rights reserved.

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