G20 promises unlikely to end devaluation debate

From reuters.com

Financial leaders from the world's 20 biggest economies may have promised not to devalue their currencies to help exports, but the pledge will do little to keep exchange rates stable. While G20 finance ministers and central bank governors can promise not to devalue their currencies directly, there can be no guarantees while central banks are pumping money into economies to make them grow again. "We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes," the G20 financial leaders said in a closing statement after meeting in Moscow on Friday and Saturday. But it is ... (full story)