G-20 vows to resist entering currency wars

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Christine Lagarde, managing director of the IMF, has rejected fears that countries may engage in a race to competitively devalue their currencies, after G-20 central bank governors and finance ministers reaffirmed their commitment to exchange rate flexibility at a meeting in Moscow.

A communiqué released by the G-20 on February 16 stressed countries' commitments to avoid competitive devaluation: "We will not target our exchange rates for competitive purposes, will resist all forms of

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