G20 vows to refrain from competitive devaluations

In a communiqué issued Sept. 5 after their summit in China’s Hangzhou, the G20 countries reiterated that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability, Sputnik International reports.

The G20 countries will not target exchange rates for competitive purposes and will hold close discussions regarding exchange markets, the communiqué reads.

“Our relevant authorities will consult closely on exchange markets,” the G20 countries said. “We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.”