G-20 vows to avoid "competitive devaluation" of currencies

Finance ministers and central bankers from the Group of 20 nations pledged during the weekend to avoid driving down currencies to boost exports. G-20 officials said they will allow markets to determine foreign exchange values. "Tensions may be reduced in the short term, but in the longer term there are still imbalances," said Mansoor Mohi-uddin, head of global currency strategy at UBS. The currency accord relies not on enforceable sanctions but on peer pressures and goodwill, with the International Monetary Fund as referee.

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