US claims victory over G7 call for flexible rates

A closing statement from a meeting of the Group of Seven finance ministers - the United States, Britain, Canada, France, Germany, Italy and Japan - said a flexible currency rate "is desirable for major countries or economic areas" in order to let markets smooth out economic ups-and downs.

The commitment was clearly aimed at showing disapproval of countries that use pegged currency rates, or that intervene heavily in markets to affect their currency's values, in order to keep their export pric

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