G20 finance ministers against competitive currency devaluation

September 05, 2015 23:07

In a virtual disapproval of China's recent devaluation of yuan that triggered shocks in the global economy, world's 20 big economies, including India, today called for moving towards market-determined currency rates and resist from competitive devaluation.

The G20 group of economies also expect that monetary policy tightening is possible in some advanced economies, an euphemism for a likely interest rate, especially in the US.

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